What is the expected profit, Basic Statistics

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What is the expected profit

A contractor is considering a sale that promises a profit of $23,000 with a probability of 0.7 or a loss(due to bad weather, strikes, and such) of $17,000 with a probability of 0.3. What is the expected profit?

a) $11,000

b) $ 28,000

c) $6,000

d) $16,100

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Basic Statistics: What is the expected profit

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Basic Statistics: What is the expected profit

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Recent Questions Asked Basic Statistics

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Ask an Expert for Answer!!

Basic Statistics: What is the expected profit

Reference No:- TGS0854443

Recent Questions Asked Basic Statistics

Q : Find whether system is consistent or inconsistent

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Q : 1

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Q : What is the expected profit

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Q : Find amount after five years if compounded continuously

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