Multiple Choice
A company bids on two contracts.It anticipates a profit of $70,000 if it gets the larger contract and a profit of $40,000 if it gets the smaller contract.It estimates that there's a 30% chance of winning the larger contract and a 50% chance of winning the smaller contract.Find the company's expected profit.Assume that the contracts will be awarded independently.
A) $41,000
B) $57,500
C) $112,500
D) $47,000
E) $24,500
Correct Answer:
Verified
Correct Answer:
Verified
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