Tees R Us, which manufactures and sells T-shirts for sporting events, is providing shirts for an upcoming tournament. Each shirt will cost $10 to produce and will be sold for $16. Any unsold shirts at the end of the tournament can be sold for $5 apiece in the near future. Tees R Us assumes the demand for the shirts will be 1,000, 2,000, 3,000, or 4,000. The company also estimates that the probabilities of each of these sales levels occurring will be 15%, 25%, 30%, and 30%, respectively. Determine the expected monetary value of the project if Tees R Us chooses to print 3,000 shirts for the tournament.

PLEASE LET ME KNOW IF THIS THE CORRECT METHOD AND ANSWER BECAUSE EVERYONE HAS DIFFERENT ANSWERS FOR THIS PROBLEM WHICH IS CONFUSING ME. IF WRONG TELL ME HOW AND SHOW FULL STEPS.

X1=$6,000 (revenue from selling 1,000 shirts),

x2=$12,000 (revenue from selling 2,000 shirts),

x3=$18,000 (revenue from selling 3,000 shirts at the tournament),

x4=$20,000 (revenue from selling 4,000 shirts).

The formula for EMV is given by:

EMV=i=1nxiP(xi)

Where:

xi is the monetary outcome associated with each possible scenario.

P(xi) is the probability of each scenario.

In the context of this problem:

x1=$6,000 represents the revenue from selling 1,000 shirts.

x2=$12,000 represents the revenue from selling 2,000 shirts.

x3=$18,000 represents the revenue from selling 3,000 shirts at the tournament.

x4=$20,000 represents the revenue from selling 4,000 shirts.

The corresponding probabilities are:

P(x1)=0.15,

P(x2)=0.25,

P(x3)=0.30,

P(x4)=0.30,

Now, calculate the expected monetary value:

emv=6000*.15+12000*.25+18000*.30+20,000*.30 emv'=900+3000+5400+6000

EMV=15300

The corresponding probabilities are:

P(x1)=0.15 (15% chance of selling 1,000 shirts).

P(x2)=0.25 (25% chance of selling 2,000 shirts).

P(x3)=0.30 (30% chance of selling 3,000 shirts).

P(x4)=0.30 (30% chance of selling 4,000 shirts).

The expected monetary value of the project if Tees R Us chooses to print 3,000shirts for the tournament is 15300.