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Dear John, question 129 relates to the above case, how do I get the material cost $52?
Many thanks.
It is the expected value (have you watched my free lectures because expected values are covered in the lectures on risk and uncertainty? The lectures are a complete free course for Paper F5 and cover everything needed to be able to pass the exam well.)
(0.6 x $50) + (0.3 x $60) + (0.1 x $40) = $52
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