Firm X is considering a project and its analysts have projected the following outcomes and their probabilities.

Question 11 
1. Firm X is considering a project and its analysts have projected the following outcomes and their probabilities.
OUTCOME PROBABILITY OF OUTCOME ASSUMPTIONS
$5,250.00 25.00% PESSIMISTIC
$7,800.00 45.00% MODERATELY SUCCESSFUL
$13,500.00 30.00% OPTIMISTIC

What is the expected value of the project to the firm? Show calculations, and explain your approach.