A contractor is considering a sale that promises a profit of $23,0000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $9000 with a probability of 0.3. What is the expected profit?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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A contractor is considering a sale that promises a profit of $23,0000 with a probability of 0.7
or a loss (due to bad weather, strikes, and such) of $9000 with a probability of 0.3. What is
the expected profit?
Transcribed Image Text:A contractor is considering a sale that promises a profit of $23,0000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $9000 with a probability of 0.3. What is the expected profit?
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