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What is the expected value of the best advertising option

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Question - A School wants to increase its number of students. So, the school, is considering an advertising campaign and set up the following advertising cost:

The resulting incremental revenue and the probability of success for each level of advertising cost:

Advertising cost

Incremental revenue

Probability of success

$10,000

$100,000

30%

$13,000

$120,000

25%

$18,000

$180,000

20%

$25,000

$200,000

15%

$30,000

$250,000

0%

Required - If the school makes decisions based on maximizing expected value, what is the expected value of the best advertising option?

Reference no: EM132730430

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