Assignment:
Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $25,000 on a clear day and $10,000 on a cloudy day. They will make a loss of $5,000 if it rains. The weather channel has predicted a 60% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 10% that it will be sunny and 30% that it will be cloudy.
Provide complete and step by step solution for the question and show calculations and use formulas.