Question 329739
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? 
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E(x) = 20000*0.7 + 3000*0.3 = =$14,900
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Cheers,
Stan H.