Suppose that you just bought a painting for $1 million. You plan to sell it exactly one year from now. You don’t know what the exact price will be when you sell. Nevertheless, you believe that there’s a 65% chance that you can sell it for $1.2million, and a 35% chance that you can sell it for only $900,000. What is your expected gain or loss for this investment?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Suppose that you just bought a painting for $1
million. You plan to sell it exactly one year from
now. You don’t know what the exact price will be
when you sell. Nevertheless, you believe that
there’s a 65% chance that you can sell it for
$1.2million, and a 35% chance that you can sell it
for only $900,000. What is your expected gain or
loss for this investment?
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