Question: An engineering firm plans to submit bids for two different contracts. The cost of preparing both of the bids is $12,000 total. Each contract is

An engineering firm plans to submit bids for two different contracts. The cost of preparing both of the bids is $12,000 total. Each contract is worth $100,000. If the chances of winning each bid is 10%. What is the expected value for the money earned by the firm? Bids Won$ EarnedP(x)0$12,0000.811$88,0000.182$188,0000.01

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