document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=958939>Question 958939</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You are selling T-shirts at an outdoor concert. You are expecting to make a profit of $800.However, if it rains, the concert will be cancelled and you will lose $200. If there is a 30% chance of rain the day of the concert, what is the expected value of your profit?<BR>\n" );
document.write( "A. -$200<BR>\n" );
document.write( "B. $500<BR>\n" );
document.write( "C. $600<BR>\n" );
document.write( "D. $800 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #586041 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=586041\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P(Rain) = 0.30<BR>\n" );
document.write( "P(No Rain) = 0.70 ... note: 1-0.30 = 0.70\r<BR>\n" );
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document.write( "V(Rain) = -200 ... this is the value you get if it rains<BR>\n" );
document.write( "V(No Rain) = 800\r<BR>\n" );
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document.write( "E(X) = P(Rain)*V(Rain) + P(No Rain)*V(No Rain)<BR>\n" );
document.write( "E(X) = 0.30*(-200) + 0.70*800<BR>\n" );
document.write( "E(X) = 500\r<BR>\n" );
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document.write( "The expected value of the profit is $500\r<BR>\n" );
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document.write( "Jim\r<BR>\n" );
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