An architect is considering bidding for the design of a new shopping mal. The cost of drawing plans and submitting a model is $10,000. The probability of being awarded the bid is 0 08, and anticipated profits are $100,000, resulting in a possible gain of this amount minus the $10,000 cost for plans and a model. What is the expected value in this situation? O A. $7,000 O B. $7,200 OC. $8,000 O D. -$2,000

An architect is considering bidding for the design of a new shopping mal. The cost of drawing plans and submitting a model is $10,000. The probability of being awarded the bid is 0 08, and anticipated profits are $100,000, resulting in a possible gain of this amount minus the $10,000 cost for plans and a model. What is the expected value in this situation? O A. $7,000 O B. $7,200 OC. $8,000 O D. -$2,000

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.8: Probability

Problem 68E

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