with particular probabilities of .4, .3, .2, as well as .05. In addition, there is the 3 percent possibility of violation even as well as the tiny possibility of losing $10,000. Find the approaching profit.
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- How would you invest $5,000 dollars? In a way that you know you will see a profit? (11)
Tagged as: $10000, $4000, $5000, 1000, Investment, Lead, profit, Question, Statistics
{ 2 comments… read them below or add one }
Do you really mean, for example, that the probability of making $10,000 is greater than the probility of making $1000?
Multiply all the profits by their respective probabilities and add the products. Note that all probabilities must add up to 1.0.
Expected Profit = 0.40($10,000)+ 0.30($5,000) +0.20($1,000) +0.03($0) – 0.07($10,000) = $5,000