A charity institution will organize a mini outdoor concert for a cause. The estimated cost of the mini concert is P80, 000 which includes the advertising, production, talent fees and security. The organizers expect to gather a profit of P 100, 000 if all goes well. However, according to the weather report, there is 40% chance of rain on the scheduled date of the concert. If it rains, the outdoor concert will have to be canceled. What is the organizer’s expected profit?

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