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A contractor is considering a job that will yield a $20,000 profit 65% of the time. The other 35% of the time, he will experience
A contractor is considering a job that will yield a $20,000 profit 65% of the time. The other 35% of the time, he will experience a $15,000 loss due to bad weather, strikes, and other unforeseen circumstances. What is the contractor's overall expected profit or loss? Fill out the table below to determine the Expected Value.
Event | Probability | Gain/Loss |
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