Determine the expected profit
A small software company will bid on the major contract. It anticipates profit of $50,000 if it gets it, but thinks there is only 30% chance of that happening.
a) Determine the expected profit?
b) Determine the standard deviation for the profit
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A small software company will bid on the major contract. It anticipates profit of $50,000 if it gets it, but thinks there is only 30% chance of that happening. Determine the expected profit?
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