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Math Help - probabilty ang statistic

  1. #1
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    probabilty ang statistic

    A ski resort loses 70,000 dollars per season when it does not snow very much and makes 250,000 dollars profit when it does snow a lot.The probabilty at least 75 inches(a good season) is 14%.Find the expectation for the profit?
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by alderon View Post
    A ski resort loses 70,000 dollars per season when it does not snow very much and makes 250,000 dollars profit when it does snow a lot.The probabilty at least 75 inches(a good season) is 14%.Find the expectation for the profit?
    As before the expectation is the sum over possible return of the return times the probability of the return.

    So we have:

    <br />
E(profit) = 250000 \times 0.14 - 70000 \times (1-0.14) <br />

    RonL
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