SOLUTION: Based on past experience, a building contractor sets the probability of winning a contract at 0.24. The contract is worth $121,000 and the cost to produce the contract proposal is

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Question 1171284: Based on past experience, a building contractor sets the probability of winning a contract at 0.24. The contract is worth $121,000 and the cost to produce the contract proposal is $10,000. What is the expected value of the contract proposal?
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
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    It is  0.24*121000 - 10000 = 19040 dollars to your pocket  (statistically).    ANSWER