company is considering drilling four oil wells .The probability of succes each well is 0.40, independent of the result for any other well, the cost of each wells is 200,000$ each well that is successful will be worth 600,000$. m) What is the probability that one or more wells will be successful? b) What is the expected number of successes? c) What is the expected gain? d) What will the gain if only one well is successful?
company is considering drilling four oil wells .The probability of succes each well is 0.40, independent of the result for any other well, the cost of each wells is 200,000$ each well that is successful will be worth 600,000$. m) What is the probability that one or more wells will be successful? b) What is the expected number of successes? c) What is the expected gain? d) What will the gain if only one well is successful?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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Transcribed Image Text:A company is considering drilling four oil wells .The probability of success for
each well is 0.40, independent of the result for any other well, the cost of each
wells is 200,000$ each well that is successful will be worth 600,000$.
a) What is the probability that one or more wells will be successful?
b) What is the expected number of successes?
c) What is the expected gain?
d) What will the gain if only one well is successful?
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