Question: A software company is planning to bid on a work contract. The profit of that contract would be $50,000 if the company gets the contract.

A software company is planning to bid on a work contract. The profit of that contract would be $50,000 if the company gets the contract. The company is estimating a 30% chance of getting the contract.

.1 What would be the expected profit for the company. What is the standard deviation of the profit? 1

.2. Would you recommend the firm to bid on the contract? Explain

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