SOLUTION: A detective has a 1/7 chance of solving the case. His expenses will run up to $630. How much does he have to charge his client to break even. He works on contingency basis. No solu

Algebra ->  Probability-and-statistics -> SOLUTION: A detective has a 1/7 chance of solving the case. His expenses will run up to $630. How much does he have to charge his client to break even. He works on contingency basis. No solu      Log On


   

Question 1079809: A detective has a 1/7 chance of solving the case. His expenses will run up to $630. How much does he have to charge his client to break even. He works on contingency basis. No solution, no compensation.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
E(x)=0=(1/7)*x-(6/7)*630, where x is what he has to charge.
0=(x/7)-540
(x/7)=540
x=$3780.