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Instructions You are a Toronto district manager for Nibwaakaawin, a charity that provides financial aid to Indigenous students seeking to attend university. One part of

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Instructions You are a Toronto district manager for Nibwaakaawin, a charity that provides financial aid to Indigenous students seeking to attend university. One part of your job is to oversee fundraising for the city. For one of your major fundraising events this year you are thinking of hosting a fancy gala. But the gala being as fancy as you're thinking means it will come with a significant up-front cost, which you estimate at a total of about $15,000 for the 300 people who will attend. Your boss, Federica D'Amore, the VP Fundraising, is skeptical that hosting an event with such a high cost could be profitable. But having done some research, you are confident that, for events of this calibre, there is a chance that you could bring in as much as $100,000 in donations. While not common, it does happen about 5% of the time! Most often, about 45% of the time, these types of events bring in about $75,000 in donations. Even when the event does not go as well as you hope, about 30% of the time such events are still able to bring in $15,000 in donations. Only rarely do they bring in less. About 15% of the time, they only muster $5,000 in donations and the rest of the time, due to unforeseen circumstances, they end up not bringing anything in at all. Your task for this assignment is to write a memo to Federica and argue for why you think it is worth hosting the event and ask her to let you know her final decision as soon as possible. To do so, you will need to calculate the expected value of the event based on the information you have. However, don't include all the math in your memo - just show evidence that you have done the math. You also need to help Federica see that even though you don't expect the actual donations to be the same as the 'expected value' of this event, using the EV calculation provides a good reason to go ahead. In other words, indicate the expected value to her and explain why it matters

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