Answer:
The expected number of contracts Larry will get is 2.40.
Explanation:
Let <em>X</em> = number of contracts Larry will get.
The probability of Larry getting a contact is, P (X) = <em>p</em> = 0.40
The number of bids placed is, <em>n</em> = 6.
Each bid is placed on statistically independent small jobs.
The random variable <em>X</em> follows a Binomial distribution with parameters <em>n</em> = 6 and <em>p</em> = 0.40.
The expected value of a Binomial distribution is:
Compute the expected number of contracts Larry will get as follows:
Thus, the expected number of contracts Larry will get is 2.40.