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Question
secondary 4 | E Maths
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pls help
Date Posted: 2 years ago
Views: 202
I believe it goes like this.
Probability of rain: 0.3 (no money collected)
Probability of no rain: 0.7 ($15 000 collected)
Expected value for money collected (dollars)
= 0.3 x 0 + 0.7 x 15000
= 10 500
Expected profit (dollars)
= 10 500 - 8 000
= 2 500
Probability of rain: 0.3 (no money collected)
Probability of no rain: 0.7 ($15 000 collected)
Expected value for money collected (dollars)
= 0.3 x 0 + 0.7 x 15000
= 10 500
Expected profit (dollars)
= 10 500 - 8 000
= 2 500
See 1 Answer
Probability of rain = 0.3
Probability of no rain =1-0.3=0.7
Expected profits = expected sum collected - cost incurred = 0.7×$15000-0.3×$8000=$8100
Probability of no rain =1-0.3=0.7
Expected profits = expected sum collected - cost incurred = 0.7×$15000-0.3×$8000=$8100
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