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?
Answer to relevant QuestionsPew Research Center surveyed adults who were 18– 64 years old and had their own children under age 18 living in their household in 2011 on the amount of time spent on various activities. The results indicated that dads ...Automotive dealerships have made recent efforts to reduce the amount of time required to purchase a car. One strategy is to use the Internet to streamline the process by providing prospective buyers with car information. ...The average number of days that a house was on the market in Austin, Texas, in January 2013 was 71 days. Assume the time on the market follows an exponential probability distribution. a. What is the probability that a ...Orange Lake Resort is a major vacation destination near Orlando, Florida, adjacent to the Disney theme parks. Because the property consists of 1,450 acres of land, Orange Lake provides shuttle buses for visitors who need to ...Identify the symmetrical interval that includes 95% of the sample means for a population with a mean equal to 45 and a standard deviation equal to 9 using a sample size of 36.
Post your question