Find the company-s expected total profit on the three bids


A company recently bid on three contracts. It has a probability of 0.4 of winning each specific contract. For each contract that it wins, it has a probability of 0.2 of making a profit of $50,000 on the contract, a probability of making a profit of $100,000 and a probability of 0.3 of making a profit of $200,000. What is the expected number of contracts that it will win? What is the expected profit for each contract? What is the company's expected total profit on these three bids?

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Basic Statistics: Find the company-s expected total profit on the three bids
Reference No:- TGS0122342

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