What is the expected value of the annual bonus amount, Business Management

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What is the expected value of the annual bonus amount

Problem

DUSIIICSS LIC, Callly performance incentive program. Annual bonuses begin at $5,000 for excellent performance, $3,000 for good performance, and $1,500 for fair performance, and $0 for poor performance. The probability levels are 0.15, 0.40, 0.25, and 0.20, respectively.

a) What is the expected value of the annual bonus amount for an employee?

b) What is the variance and the standard deviation of the annual bonus amount?

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Business Management: What is the expected value of the annual bonus amount

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