Need help with Statistics Problem

timer Asked: Oct 21st, 2015

Question description

A producer plans an outdoor regatta for April 28th. The cost of the regatta is $9,000. This includes advertising, security, printing tickets, entertainment, etc. The producer plans to make $15,000 profit if all goes well. However, it it rains, the regatta will be cancelled. According to the weather report, the probability of rain is 0.35. Find the producer's expected profit.

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