Question

A construction company is planning to bid on a building contract. The bid costs the company $2000. The probability that the bid is accepted is one fifth(1/5). If the bid is accepted, the company will make $47,500 minus the cost of the bid.

Step 1

The bid cost of construction company on contract = $2000

The amount company get if bid is accepted = $47500

probability that bid is accepted = 1/5

probability that bid is not accepted = 4/5

amount gained by construction company if b...

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