If the painting is not destroyed and the artist does not, Econometrics

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If the painting is not destroyed and the artist does not

Asa buys a painting. There is a 20% probability that the artist will become famous and the painting will be worth $1,000. There is a 10% probability that the painting will be destroyed by fire or some other dis- aster. If the painting is not destroyed and the artist does not become famous, it will be worth $500. What is the expected value of the painting?

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