See Example 4. Shelby is a real estate broker with a house listing. Shelby estimates that this
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See Example 4. Shelby is a real estate broker with a house listing. Shelby estimates that this listing will cost him $3000 for various expenses. If Shelby sells the house within 6 months, he will receive a commission of $25,000. If he does not sell the house within 6 months, the listing will expire, and he will not receive a commission, but he still must pay the $3000 for various expenses. Shelby estimates the probability that he sells the house within 6 months is 85%. Determine Shelby’s expectation for this listing.
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Related Book For 
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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