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A petrol station has 5 copies of DEF Daily for sale everyday. 5% for the time 0 copies of the newspaper are sold, 15% of the time 1 copy is sold, 20% of the time 2 copies a sold, 20% of the time 3 copies are sold, and 30% of the time 4 copies are sold. The selling price is $1 per copy while the cost of the newspapers is $0.40 per copy, Unsold newspaper will be collected at $0.30 per copy on the next day. Find the expected profit of selling the newspapers. Answer = $ 1 Leave your answer to two (2) decimal places.

A petrol station has 5 copies of DEF Daily for sale everyday. 5% for the time 0 copies of the newspaper are sold, 15% of the time 1 copy is sold, 20% of the time 2 copies a sold, 20% of the time 3 copies are sold, and 30% of the time 4 copies are sold. The selling price is $1 per copy while the cost of the newspapers is $0.40 per copy, Unsold newspaper will be collected at $0.30 per copy on the next day. Find the expected profit of selling the newspapers. Answer = $ 1 Leave your answer to two (2) decimal places.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
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 petrol station has 5 copies of DEF Daily for sale everyday. 5% for the time 0 copies of the newspaper are sold, 15% of the time 1 copy is sold, 20% of the time 2 copies are sold, 20% of the time 3 copies are sold, and 30% of the time 4 copies are sold. The selling price is $1 per copy while the cost of the newspapers is $0.40 per copy, Unsold newspaper will be collected at $0.30 per copy on the next day. Find the expected profit of selling the newspapers. Answer = $ Leave your answer to two (2) decimal places.
Transcribed Image Text:A petrol station has 5 copies of DEF Daily for sale everyday. 5% for the time 0 copies of the newspaper are sold, 15% of the time 1 copy is sold, 20% of the time 2 copies are sold, 20% of the time 3 copies are sold, and 30% of the time 4 copies are sold. The selling price is $1 per copy while the cost of the newspapers is $0.40 per copy, Unsold newspaper will be collected at $0.30 per copy on the next day. Find the expected profit of selling the newspapers. Answer = $ Leave your answer to two (2) decimal places.
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