Question: The RAD Construction Company has been awarded a contract with
The RAD Construction Company has been awarded a contract with the state of Delaware to replace a bridge on Pike Creek Road. Based on experience with previous projects, RAD feels the project completion time follows a normal distribution with a mean of 92 days and a standard deviation of 9 days. RAD anticipates the net profit for completing the project is $ 125,000. If the company completes the project in less than 84 days, it will receive an additional $ 20,000 bonus from the state. If it takes longer than 106 days to complete the project, the state of Delaware will penalize RAD $ 15,000. What is RAD’s expected profit for the project?
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