SOLUTION: An oil-drilling company knows that it costs $25,000 to sink a test well. If oil is hit, the income for the drilling company will be $415,000. If only natural gas is hit, the income
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-> SOLUTION: An oil-drilling company knows that it costs $25,000 to sink a test well. If oil is hit, the income for the drilling company will be $415,000. If only natural gas is hit, the income
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Question 878966: An oil-drilling company knows that it costs $25,000 to sink a test well. If oil is hit, the income for the drilling company will be $415,000. If only natural gas is hit, the income will be $135,000. If nothing is hit, there will be no income. If the probability of hitting oil is 1/40 and if the probability of hitting gas is 1/20, what is the expectation for the drilling company? Answer by jim_thompson5910(35256) (Show Source):
You can put this solution on YOUR website! A similar question has been answered before. The problem is the same but the numbers are different.
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