Answer
The expected profit is approximately $0.12$
Work Step by Step
$E(profit)=200\times\frac{12}{5525}+150\times\frac{1}{425}+30\times\frac{36}{1105}+20\times\frac{274}{5525}+5\times\frac{72}{425}+(-5)\times\frac{822}{1105}=0.116$
Statistics: Informed Decisions Using Data (4th Edition)
by Sullivan III, Michael
Published by
Pearson
ISBN 10:
0321757270
ISBN 13:
978-0-32175-727-2
Chapter 6 - Review - Review Exercises - Page 355: 4a
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter 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.
