A skilled custom auto mechanic finds an old beat up Chevy Camaro in a junk yard, and pays $300 for it. She spends $19,000 fixing and customizing the vehicle, knowing that there is a 0.7 probability that she can sell the customized car for $30, 000 and a 0.3 probability that she can sell the car for $40, 000. What is the expected profit from her total investment in the car? (Select the most accurate option from below).

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
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A skilled custom auto mechanic finds an old beat up Chevy Camaro in a junk yard, and pays
$300 for it. She spends $19, 000 fixing and customizing the vehicle, knowing that there is a
0.7 probability that she can sell the customized car for $30, 000 and a 0.3 probability that
she can sell the car for $40, 000. What is the expected profit from her total investment in the
car? (Select the most accurate option from below).
Transcribed Image Text:A skilled custom auto mechanic finds an old beat up Chevy Camaro in a junk yard, and pays $300 for it. She spends $19, 000 fixing and customizing the vehicle, knowing that there is a 0.7 probability that she can sell the customized car for $30, 000 and a 0.3 probability that she can sell the car for $40, 000. What is the expected profit from her total investment in the car? (Select the most accurate option from below).
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