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QUESTION
Suppose it costs $2,500 to buy a defibrillator.
Suppose it costs $2,500 to buy a defibrillator. Find the expected value of owning a defibrillator if there is a 4% probability that Frontier Gym will lose a lawsuit regarding its operation, with each lawsuit resulting in Frontier Gym being liable in the amount of $1,000,000. How I should interpret this ?
