A salesperson for a medical device company has two appointments on a given day.At the first appointment, he believes that he has a 70% chance to make the deal,from which he can earm $1000 commission if successful. On the other hand, hethinks he oly has a 40% chance to make the deal at the second appointment,from which, if successful, he can make $1500. What is his expected commissionbased on his own probability belief? Assume that the appointment results areindependent of each other.Example 2:

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Answered: nas a 40% chance to make the deal at…

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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nas a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other