Revenue into the general fund of the state of Texas for any biennium is highly dependent on the price of oil. At a price average of $50 per barrel, general revenue will be $95 billion. At $68 and $75 per barrel, the revenue will be $118 billion and $125 billion, respectively. If the chances are estimated at 10%, 35%, and 55% for oil prices of $50, $68, and $75 per barrel for the next biennium, respectively, the expected revenue (in $ billion) is closest to: (choose one)
(a) $117.38
(b) $118.02
(c) $118.92
(d) $119.50
E(Revenue) = 95(0.1) + 118(0.35) + 125(0.55)
= $119.55 billion
Answer is (d) $119.50
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