Shipping Charges From experience, a shippingcompany knows that the cost of delivering

Chapter 4, Problem 98

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Shipping Charges From experience, a shippingcompany knows that the cost of delivering asmall package within 24 hours is $14.80. The companycharges $15.50 for shipment but guaranteesto refund the charge if delivery is not made within 24 hours. If the company fails to deliver only 2% ofits packages within the 24-hour period, what is theexpected gain per package?

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