A construction company is considering jubmitting bids for two contracts. It will cost the company $10,000 to prepare and submit the bids, and if won, each bid would produce $50,000 of income to the company. The company estimates that it has a 10% chance of winning any given bid. Here is the probability distribution of X = the number of bids the company wins, and M = the amount of money the company profits from the bids. X # of bids won 1 profit -$10,000 $40,000 $90,000 %3D Probability 0.81 0.18 0.01 Find the expected value of the number of bids won. E(X) = bids

A construction company is considering jubmitting bids for two contracts. It will cost the company $10,000 to prepare and submit the bids, and if won, each bid would produce $50,000 of income to the company. The company estimates that it has a 10% chance of winning any given bid. Here is the probability distribution of X = the number of bids the company wins, and M = the amount of money the company profits from the bids. X # of bids won 1 profit -$10,000 $40,000 $90,000 %3D Probability 0.81 0.18 0.01 Find the expected value of the number of bids won. E(X) = bids

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section: Chapter Questions

Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...

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