Elementary Statistics: A Step-by-Step Approach with Formula Card 9th Edition

Published by McGraw-Hill Education
ISBN 10: 0078136334
ISBN 13: 978-0-07813-633-7

Chapter 5 - Discrete Probability Distributions - Review Exercises - Section 5-2 - Page 305: 12


8100 dollars

Work Step by Step

There is a 0.7 chance of making 15000, and a 0.3 chance of losing 800, so the expected profit=$0.7\times15000-0.3\times8000=8100$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.