Question

a private pilot buts a plane with possible mechanical trouble. There is a 25% chance that the plane is in good condition and worth $40,000, there is a 10% chance that it needs a complete systems overhaul and is worth $21,000, and the rest of the time the plane needs only minor repairs and is worth $32,000. What is the planes expected value?

Answer 1

well either $40,000 (25% chance)
$21,000 (10% chance)
or
$32,000 (65% chance)

so given that these are the only probabilities you have, its more likely that its value is
$32,000

Answer 2

@Jakob03