Bob, the proprietor of Midway Lumber, bases his projections for the annual revenues of the company on the performance of the housing market. He rates the performance of the market as very strong, strong, normal, weak, or very weak. For the next year, Bob estimates that the probabilities for these outcomes are 0.15, 0.23, 0.41, 0.10, and 0.11, respectively. He also thinks that the revenues corresponding to these outcomes are $25, $18.5, $16.8, $14, and $13 million, respectively. What is Bob's expected revenue for next year? (Round your answer to two decimal places.) $ million
Bob, the proprietor of Midway Lumber, bases his projections for the annual revenues of the company on the performance of the housing market. He rates the performance of the market as very strong, strong, normal, weak, or very weak. For the next year, Bob estimates that the probabilities for these outcomes are 0.15, 0.23, 0.41, 0.10, and 0.11, respectively. He also thinks that the revenues corresponding to these outcomes are $25, $18.5, $16.8, $14, and $13 million, respectively. What is Bob's expected revenue for next year? (Round your answer to two decimal places.) $ million
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Bob, the proprietor of Midway Lumber, bases his projections for the annual revenues of the company on the performance of the housing market. He rates the performance of the market as very strong, strong, normal, weak, or very weak. For the next year, Bob estimates that the probabilities for these outcomes are 0.15, 0.23, 0.41, 0.10, and 0.11, respectively. He also thinks that the revenues corresponding to these outcomes are $25, $18.5, $16.8, $14, and $13 million, respectively. What is Bob's expected revenue for next year? (Round your answer to two decimal places.)
$ million
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