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Josh is looking to buy a second hand car.Josh is risk averse.The cars all sell for$3,500but there is an6percentchance that the car will be worth$1,000,a53percentchance
Josh is looking to buy a second hand car.Josh is risk averse.The cars all sell for$3,500but there is an6percentchance that the car will be worth$1,000,a53percentchance it will be worth$3,000or a41percentchance that the car is worth an unknown amount.What must the unknown value be if the expected value is to equal$3,500?Give your answer to the nearest whole dollar(with no decimal points,spaces,$signs,or commas in your answer).
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