Question
A law firm is considering working for the Legal Aid Commission.It will do so only if it is financially viable. Based on historical data, if
A law firm is considering working for the Legal Aid Commission.It will do so only if it is financially viable. Based on historical data, if the defendant pleads guilty and a solicitor is only required for sentencing, then the firm's net return is $584. If the defendant pleads guilty and the solicitor is required during the giving of evidence, then net return is $160. On the other hand, if the defendant pleads not guilty, then the net return is a loss of $561. If the probabilities for the first two scenarios are0.35 and0.46 respectively, calculate the variance of the net return. Give your answer to the nearest whole number (with units being indollars2).
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