Phil Dunphy, a real estate agent, is considering whether he should list an unusual $670,293 house for sale. If he lists it, he will need to spend $5,824 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,093. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 47%. What is the expected profit on this listing?

Phil Dunphy, a real estate agent, is considering whether he should list an unusual $670,293 house for sale. If he lists it, he will need to spend $5,824 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,093. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 47%. What is the expected profit on this listing?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section: Chapter Questions

Problem 18PT: To allocate annual bonuses, a manager must choose his top four employees and rank them first to...

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