An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $18,000. The probability of being awarded the bid is 0.4. If the architect is awarded the bid, she will make $45,000 minus the $18,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means. ○ A. In the long run, the architect would expect to lose this amount. OB. In the long run, the architect would expect to break even. OC. In the long run, the architect would expect to earn this amount. OD. None of the above.

An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $18,000. The probability of being awarded the bid is 0.4. If the architect is awarded the bid, she will make $45,000 minus the $18,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means. ○ A. In the long run, the architect would expect to lose this amount. OB. In the long run, the architect would expect to break even. OC. In the long run, the architect would expect to earn this amount. OD. None of the above.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.5: Interpreting Data

Problem 5E

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Directions: Solve the given problem. Show your solutions and the Minitab-generated report.
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