A mechanical contractor is preparing for a construction project. He determines that if he completes the project
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A mechanical contractor is preparing for a construction project. He determines that if he completes the project on schedule, his net profit will be $450,000. If he completes the project between 0 and 3 months late, his net profit decreases to $120,000. If he completes the project more than 3 months late, his net loss is $275,000. The probability that he completes the project on schedule is 0.6, the probability that he completes the project between 0 and 3 months late is 0.3, and the probability that he completes the project more than 3 months late is 0.1. Determine his expected gain or loss for this project.
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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