A cyclist travels 64 km during the first 4 hours. Then the cyclist travels 26 km during the two hours. What is the
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Answer: Expected profit for first and second project are $158000 and $185000 respectively.
Step-by-step explanation:
Since we have given that
First project :
a profit of $170,000 with a probability of 0.7 or a profit of $130,000 with a probability of 0.3
0.7 $170000
0.3 $130000
So, Expected profit would be
Second project:
a profit of $230,000 with a probability of 0.7 or a profit of$80,000 with a probability of 0.3.
0.7 $230000
0.3 $80000
So, Expected profit would be
Hence, expected profit for first and second project are $158000 and $185000 respectively.