What is the expected profit
A small software company will bid on a major contract. It anticipates a profit of $55,000 if it gets it, but thinks there is only a 40% chance of that happening.
a) What is the expected profit?
b) Find the standard deviation for the profit
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A small software company will bid on a major contract. It anticipates a profit of $55,000 if it gets it, but thinks there is only a 40% chance of that happening. What is the expected profit?
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