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A construction contractor is considering to bid on completing a project that promises a profit of $32,530 with a probability of 0.71, or a loss (due to bad weather, worker strikes, etc.) of $7,155 with a probability that is the complement probability of making a profit. What is the expected profit for the contractor? Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, (such as 80.76 or 1200.34, and so on) before entering it in the box below. There is no need to enter the $ symbol in the answer box.

A construction contractor is considering to bid on completing a project that promises a profit of $32,530 with a probability of 0.71, or a loss (due to bad weather, worker strikes, etc.) of $7,155 with a probability that is the complement probability of making a profit. What is the expected profit for the contractor? Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, (such as 80.76 or 1200.34, and so on) before entering it in the box below. There is no need to enter the $ symbol in the answer box.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A construction contractor is considering to bid on completing a project that promises a profit of $32,530 with a probability of 0.71, or a loss (due to bad weather, worker strikes, etc.) of $7,155 with a probability that is the complement probability of making a profit. What is the expected profit for the contractor? Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, (such as 80.76 or 1200.34, and so on) before entering it in the box below. There is no need to enter the $ symbol in the answer box.
Transcribed Image Text:A construction contractor is considering to bid on completing a project that promises a profit of $32,530 with a probability of 0.71, or a loss (due to bad weather, worker strikes, etc.) of $7,155 with a probability that is the complement probability of making a profit. What is the expected profit for the contractor? Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, (such as 80.76 or 1200.34, and so on) before entering it in the box below. There is no need to enter the $ symbol in the answer box.
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