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You enter into a weather derivative. If it rains, you pay $16,000, and if it doesnt rain, you receive $24,000. The percent chance of rain

You enter into a weather derivative. If it rains, you pay $16,000, and if it doesnt rain, you receive $24,000. The percent chance of rain is 60%. What is the price of this derivative (i.e., the expected payoff of the derivative)

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