An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $13,000. The probability of being awarded the bid is 0.1, and anticipated profits are $130,000, resulting in a possible gain of this amount minus the $13,000 cost for plans and a model. What is the expected value in this situation? Round your answer to the nearest dollar.

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hba · Answer

Nice Question :)

anonymous · Answer

I believe you're already familiar with the expectancy value(as was your last question I answered)?