You need to hire some new employees to staff your start-up

Question

You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but can't distinguish among them:

Employee Value                         Probability

$50,000                                              0.25

$60,000                                               0.25

$70,000                                                0.25

$80,000                                                0.25

What is the expected value of five employees you hire?

Froeb, McCann et al. managerial economics, 4th edition