Question

Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $25,000 on a clear day and $10,000 on a cloudy day. They will make a loss of $5,000 if it rains. The weather channel has predicted a 60% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 10% that it will be sunny and 30% that it will be cloudy.



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  • CreatedJanuary 28, 2015
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