In the table below, you can see the probability distribution of profits, for construction projects, considering three probable scenarios: low profit, medium profit, and high profit. Suppose two projects in different cities, each with independent return distributions identical to the one shown in the table, are undertaken. If the combined returns from these two projects amount to at least $6,000 what is the probability that the total returns will be $18,000 or higher? Return Low-12000 Medium 6000 High 18000 O a. 0.44 O b. 0.51 O c. 0.37 O d. 0.74 e. 0.65 Prob 0.19 0.57 0.24

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
In the table below, you can see the probability
distribution of profits, for construction projects,
considering three probable scenarios: low profit,
medium profit, and high profit. Suppose two
projects in different cities, each with independent
return distributions identical to the one shown in
the table, are undertaken. If the combined returns
from these two projects amount to at least $6,000,
what is the probability that the total returns will be
$18,000 or higher?
Return
Low-12000
Medium 6000
High 18000
O a.
a. 0.44
O b. 0.51
O c. 0.37
O d. 0.74
O e. 0.65
Prob
0.19
0.57
0.24
Transcribed Image Text:In the table below, you can see the probability distribution of profits, for construction projects, considering three probable scenarios: low profit, medium profit, and high profit. Suppose two projects in different cities, each with independent return distributions identical to the one shown in the table, are undertaken. If the combined returns from these two projects amount to at least $6,000, what is the probability that the total returns will be $18,000 or higher? Return Low-12000 Medium 6000 High 18000 O a. a. 0.44 O b. 0.51 O c. 0.37 O d. 0.74 O e. 0.65 Prob 0.19 0.57 0.24
Expert Solution
steps

Step by step

Solved in 4 steps with 12 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman