Question

An architect is considering bidding for the design of a new museum the cost of drawing plans and submitting a model is 19,000 the probability of being awarded the bed is 0.1 if the architect is awarded the bed she will make an $190,000 minus the $19,000 for cost of the plans in a model what is expected value in this situation

Answer 1

expected value formula:\[E=\sum_{i}^{}(x_{i})P(x_{i})\]
put more simply, it's the value of an event xi, times the probability of that event xi, repeated and summed across all the events

so let's use the first event as an example: being awarded the prize

probability of being awarded: 0.1
value of being awarded: 190,000-19000

so xi * P(xi) = 0.1 * (190,000-19000)

can you try repeating for the other event? (not being awarded the prize)?