SOLUTION: A landscape contractor bids on jobs where he can make $3000 profit. The probability of getting 1, 2, 3, 4, jobs are 0.2, 0.3, 0.4, 0.1 respectfully. Find the contractor's expected

Algebra ->  Probability-and-statistics -> SOLUTION: A landscape contractor bids on jobs where he can make $3000 profit. The probability of getting 1, 2, 3, 4, jobs are 0.2, 0.3, 0.4, 0.1 respectfully. Find the contractor's expected       Log On


   

Question 316335: A landscape contractor bids on jobs where he can make $3000 profit. The probability of getting 1, 2, 3, 4, jobs are 0.2, 0.3, 0.4, 0.1 respectfully. Find the contractor's expected profit per month
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
EV=sum%28x%2AP%28x%29%2C1%2C4%29=1%280.2%29%2B2%280.3%29%2B3%280.4%29%2B4%280.1%29=2.4
Profit=$3000*EV=3000%282.4%29=7200
$7200.00 per month