In bidding for a remodeling project, a carpenter determines that he will have a net profit of $5000 if he gets the contract and a net loss of $86 if his bid fails. If the probability of his getting the contract is .2, calculate his expected return.
In bidding for a remodeling project, a carpenter determines that he will have a net profit of $5000 if he gets the contract and a net loss of $86 if his bid fails. If the probability of his getting the contract is .2, calculate his expected return.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 26E: Find the probability of each event. Getting 2 red eggs in a single scoop from a bucket containing 5...
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In bidding for a remodeling project, a carpenter determines that he will have a net profit of $5000 if he gets the contract and a net loss of $86 if his bid fails. If the probability of his getting the contract is .2, calculate his expected return.
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