Question: Because of all the knowledge you have obtained in QA6610, and its value to your company, you have decided to ask your boss for a raise. You estimate that you have a 20% of obtaining a $7,000 raise, a 20% chance of $1,000 raise, a 30% chance of getting your salary decreased by $2,000 (grumpy boss!) and that otherwise you expect no change in pay. What is the expected value of your “raise”?