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OpenStudy (anonymous):
A contractor is considering a sale that promises a profit of $23,000 with a probability of 0.7 or loss (due to bad whether, strikes, and such) of $15,000 with a probability of 0.3 what is the expected profit?
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OpenStudy (anonymous):
(I think ) E = 23,000 * 0.7 + 0.3 * (-15,000) = 11,600 I took statistics long ago. So, i'm not sure if my remembering is right.
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