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nas a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other

nas a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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 salesperson for a medical device company has two appointments on a given day. At the first appointment, he believes that he has a 70% chance to make the deal, from which he can earm $1000 commission if successful. On the other hand, he thinks he oly has a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other. Example 2:
Transcribed Image Text:A salesperson for a medical device company has two appointments on a given day. At the first appointment, he believes that he has a 70% chance to make the deal, from which he can earm $1000 commission if successful. On the other hand, he thinks he oly has a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other. Example 2:
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