Kramer wants to open a fruit stand. He figures his business can be really successful, moderately successful, barely successful, a failure, or a complete failure. Below is a table of all the possible outcomes the estimated probability that each outcome will occur, and the profit Kramer will make for each out. What is the expected profit, in thousands, for this business? (Round your answer to the nearest two decimal places. Do not include the dollar sign ($) in your answer.) Outcome Really successful Moderately successful Barely successful Failure Complete failure P() 0.1 2 0.2 3 0.3 5 0.2 8 0.0 Quarterly Profit ($, thousands) 30 16 1 -5 -25

Kramer wants to open a fruit stand. He figures his business can be really successful, moderately successful, barely successful, a failure, or a complete failure. Below is a table of all the possible outcomes the estimated probability that each outcome will occur, and the profit Kramer will make for each out. What is the expected profit, in thousands, for this business? (Round your answer to the nearest two decimal places. Do not include the dollar sign ($) in your answer.) Outcome Really successful Moderately successful Barely successful Failure Complete failure P() 0.1 2 0.2 3 0.3 5 0.2 8 0.0 Quarterly Profit ($, thousands) 30 16 1 -5 -25

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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