19. Cancelled flights. Mary is deciding whether to bookthe
Chapter 16, Problem 19(choose chapter or problem)
19. Cancelled flights. Mary is deciding whether to bookthe cheaper flight home from college after her final exams,but shes unsure when her last exam will be. Shethinks there is only a 20% chance that the exam will bescheduled after the last day she can get a seat on thecheaper flight. If it is and she has to cancel the flight, shewill lose $150. If she can take the cheaper flight, she willsave $100.a) If she books the cheaper flight, what can she expect togain, on average?b) What is the standard deviation?
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