Probability Math 114 on Webwork

Mathematics
Tutor: None Selected Time limit: 1 Day

(1 pt) Jeff is producing an outdoor concert. He estimates that he will make 3100 dollars if it does not rain, and make 600 dollars if it does rain. The local weather station (which we'll assume is accurate in giving forecasts) predicts that the chance of rain is 18 percent for the day of the concert. What is Jeff's expected earnings from the concert? 

Answer =? dollars.

Oct 14th, 2015

Hi there! Thank you for the opportunity to help you with your question!

Hi there! Thank you for the opportunity to help you with your question!

The expected value is given by value if it rains * prob(rain) + value if it doesn't * prob(doesn't rain)

In this case: 600 * 0.18 + 3100 *0.82 = 108 + 2542 = 2650 dollars

Please let me know if you need any clarification. Always glad to help!Please let me know if you need any clarification. Always glad to help!
Oct 14th, 2015

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Oct 14th, 2015
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Oct 14th, 2015
Dec 9th, 2016
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