A rock concert promoter scheduled an outdoor concert on July 4th. If it does not rain, the promoter will make $30,427. If it doe

Question

1 year ago

15

s rain the promoter will lose $12,656 in guarantees made to the band and other expenses. The probability of rain on the 4th is 0.5

1 answer:

Zielflug [23.3K] · Answer 1 · 2024-02-21T18:07:27+03:00

For the probability of rain on julty 4h of 0.5 his expected profit is 8885.5 dollars.

<h3>What is probability?</h3>

The probability is occurrence of a certain event out of the total number f events that can happen.

Given in the question the probability of rain is 0.5 therefore the probability of not raining is also 0.5.

If it does not rain he makes a profit of 30427 dollars and if it rains he suffers a loss of 12656 dollars.

We know, the expected profit is,

= 0.5(30427) - 0.5(12656).

= 15213.5 - 6328.

= 8885.5 dollars.

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