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An oil-drilling company knows that it costs $28,000 to sink a test well. If oil is hit, the income for the drilling company wil...Asked by Ginger
an oil drilling company knows that it costs $25000 to sink a well. If oil is hit, the income for the drilling company will be $375000. If only natural gas is hit, the income will be $135000. If nothing is hit there will be no income. If the probability if hitting oil is 1/40 and if the probability of hitting gas is 1/20 what is the expectation for the drilling company?
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