A patient complaining of severe stomach pains checked into a local hospital. After a series of tests the doctors narrowed their diagnosis to four possible ailments. The table below shows for each of these possible ailments the chances that the patient has it and the cost associated with treating the disease. At this point, what is the expected value (i.e. mean) for the treatment costs for this patient?
Disease Hepatitis Cirrhosis Gallstones Pancreatic Cancer
Chance(probability) 40% 10% 45% 5%
Cost $700 $1100 $3320 $16450