Find the expected value.A commercial building contractor is…
Questions
Find the expected vаlue.A cоmmerciаl building cоntrаctоr is trying to decide which of two projects to commit her company to. Project A will yield a profit of $50,000 with a probability of 0.6, a profit of $82,000 with a probability of 0.3, and a profit of $10,000 with a probability of 0.1.Project B will yield a profit of $100,000 with a probability of 0.1, a profit of $69,000 with a probability of 0.7, and a loss of $20,000 with a probability of 0.2.Find the expected profit for each project. Based on expected values, which project should the contractor choose?