n a certain part of Makati, street parking is charged a flat rate of 70 php per day. However, if you park your car in front of a pop-up restaurant, you either pay nothing or 250 php per day when they are open. Answer the following: If there is a 60% chance of the pop-up restaurant opening, and you decide always to park in front of the pop-up restaurant, will you expect to spend more or less in comparison to when you park in any other street parking in the long run? Also, How much is the difference of parking fee on the average?

n a certain part of Makati, street parking is charged a flat rate of 70 php per day. However, if you park your car in front of a pop-up restaurant, you either pay nothing or 250 php per day when they are open. Answer the following: If there is a 60% chance of the pop-up restaurant opening, and you decide always to park in front of the pop-up restaurant, will you expect to spend more or less in comparison to when you park in any other street parking in the long run? Also, How much is the difference of parking fee on the average?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section: Chapter Questions

Problem 14T: An unbalanced coin is weighted so that the probability of heads is 0.55. The coin is tossed ten...

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Question

In a certain part of Makati, street parking is charged a flat rate of 70 php per day. However, if you park
your car in front of a pop-up restaurant, you either pay nothing or 250 php per day when they are
open.
Answer the following: If there is a 60% chance of the pop-up restaurant opening, and you decide
always to park in front of the pop-up restaurant, will you expect to spend more or less in comparison
to when you park in any other street parking in the long run?

Also, How much is the difference of parking fee on the average?

Expert Solution