You are a hotel manager considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table. The expected value of project Red is:

Please explain.. Thank you $31?

Project	Boom (70%)	Recession (30%)
Red	$70	$60
Orange	$60	$70
Green	$80	$80
Blue	$100	$100