Find expected payoffs

An insurance company offers flood insurance to customers in a certain area. Suppose they charge $\$500$dollar sign, 500 for a given plan. Based on historical data, there is a $1\%$1, percent probability that a customer with this plan suffers a flood, and in those cases, the average payout from the insurance company to the customer was $\$10{,}000$dollar sign, 10, comma, 000.

Here is a table that summarizes the possible outcomes from the company's perspective:

Let $X$X represent the company's net gain from one of these plans.

Calculate the expected net gain $E(X)$E, left parenthesis, X, right parenthesis.

$E(X)=$E, left parenthesis, X, right parenthesis, equals dollars