Nile Riverboat Co., a major boat building company highly sensitive to the economy, expects profits next year to be $2,000,000 if the economy is strong, $1,200,000 if the economy is steady, and minus $400,000 if the economy is weak. Mr. Nile believes there is a 30 percent probability of a strong economy, a 40 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected value of profits for next year?