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Math Help - Rock concert probability!

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    Rock concert probability!

    A rock concert producer has scheduled an outdoor concert. If it is warm that day, she expects to make a €20,000 profit. If it is cool that day, she expects to make a €5,000 profit. If it is very cold that day, she expects to suffer a €12,000 loss. Based upon historical records, the weather office has estimated the chances of a warm day to be .6 and the chances of a cool day to be .25. What is the producer’s expected profit?
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    Quote Originally Posted by matty888 View Post
    A rock concert producer has scheduled an outdoor concert. If it is warm that day, she expects to make a €20,000 profit. If it is cool that day, she expects to make a €5,000 profit. If it is very cold that day, she expects to suffer a €12,000 loss. Based upon historical records, the weather office has estimated the chances of a warm day to be .6 and the chances of a cool day to be .25. What is the producer’s expected profit?
    (20,000)(0.6) + (5,000)(0.25) + (-12,000)(0.15) = ......

    Do you understand where the stuff in red comes from?
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    Smile

    yep understand it now thanks!!
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