You think that your chance of getting a well-paid job in an investment bank is about...
You think that your chance of getting a well-paid job in an investment bank is about 7 percent. If you get the job you will have a starting salary of $79,000 per year. However, if you don't make the cut then you will work at a fast-food outlet for $40,000 per year. What is your expected starting salary? (to the nearest dollar) Select one: a. $42730 b. $76270 c. $79000 d. $40000
Homework Answers
A.$42,730.
| job | probabilty | salary | probability* salary |
| investment bank | 0.07 | 79,000 | 5,530 |
| fast food outlet | (1-0.07)=>0.93 | 40,000 | 37,200 |
| expected salary | 42,730 |
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