Bailey Owns a Farm, and Her Annual Crop Is Dependent

Multiple Choice

Bailey owns a farm, and her annual crop is dependent on the weather. If it has been an exceptionally rainy year, she can expect to earn $70,000. If it has been a very dry year, she will earn $20,000. If the weather is moderate, she will earn $50,000. There is a 20 percent chance that it will be a very rainy year; a 30 percent chance that it will be a very dry year; and a 50 percent chance that the weather will be moderate. What is the expected value of Bailey's earnings?

A) $50,000
B) $25,000
C) $45,000
D) $60,000