SOLUTION: A contractor is considering a sale that promises a profit of $20,000 with a probability of .7 or a loss (due to bad weather, strikes, and such) of $3000 with a probability of .3. W
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-> SOLUTION: A contractor is considering a sale that promises a profit of $20,000 with a probability of .7 or a loss (due to bad weather, strikes, and such) of $3000 with a probability of .3. W
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Question 329738: A contractor is considering a sale that promises a profit of $20,000 with a probability of .7 or a loss (due to bad weather, strikes, and such) of $3000 with a probability of .3. What is the expected profit? Answer by stanbon(75887) (Show Source):
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