Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are 0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a profit of $650, sell it for a profit of $450, break even, or sell it for a loss of $450. What is her expected profit? The antique jewelry dealer's expected profit is ☐ dollars. (Type an integer or a decimal. Round to the nearest dollar as needed.)
Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are 0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a profit of $650, sell it for a profit of $450, break even, or sell it for a loss of $450. What is her expected profit? The antique jewelry dealer's expected profit is ☐ dollars. (Type an integer or a decimal. Round to the nearest dollar as needed.)
Elements Of Modern Algebra
8th Edition
ISBN:9781285463230
Author:Gilbert, Linda, Jimmie
Publisher:Gilbert, Linda, Jimmie
Chapter2: The Integers
Section2.7: Introduction To Coding Theory (optional)
Problem 7E
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Transcribed Image Text:Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are
0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a profit of $650, sell it for a profit of $450,
break even, or sell it for a loss of $450. What is her expected profit?
The antique jewelry dealer's expected profit is ☐ dollars.
(Type an integer or a decimal. Round to the nearest dollar as needed.)
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