Outdoor Regatta Aproducer plans an outdoor regatta for May
Chapter 5, Problem 12(choose chapter or problem)
Outdoor Regatta Aproducer plans an outdoor regatta for May 3. The cost of the regatta is $8000. This includes advertising, security, printing tickets, entertainment, etc. The producer plans to make $15,000 profit if all goes well. However, if it rains, the regatta will have to be canceled. According to the weather report, the probability of rain is 0.3. Find the producers expected profit. (52) $8100
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