Multiple Choice
Find the expected value of the random variable. Round to the nearest cent unless stated otherwise.
-A contractor is considering a sale that promises a profit of $27,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $2000 with a probability of 0.3. What is the expected
Profit? Round the answer to the nearest dollar.
A) $18,300
B) $20,300
C) $25,000
D) $18,900
Correct Answer:
Verified
Correct Answer:
Verified
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