Stats: Data and Models (3rd Edition)

Published by Pearson
ISBN 10: 0321692551
ISBN 13: 978-0-32169-255-9

Chapter 16 - Random Variables - Exercises - Page 400: 7



Work Step by Step

The expected amount can be obtained by summing the product of the possibilities and their probabilities: $EV=\sum xP(x)=50000\cdot0.3+20000\cdot0.6=15000+12000=27000$
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