What is the expected profit
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Q: A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $13,000 with a probability of 0.3. What is the expected profit?
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The probabilities were obtained by entering the values of n = 6 and p = 0.167. In a clinical test of the drug lipitor, 16.7% of the subjects
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A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $13,000
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Assume that adults have IQ scores that are normally distributed with a mean of 100 and a standard deviation of 15.
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