Asked by Valerie
A contractor is considering a sale that promises a profit of $30,000 with a probability of .7 or a loss of $4,000 with a probability of .3. What is the expected profit?
Answers
Answered by
MathMate
The weighted profit is
(30000*0.7+4000*0.3)/(0.7+0.3)=?
(30000*0.7+4000*0.3)/(0.7+0.3)=?
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