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A rock concert producer has scheduled an outdoor concert. If it is warm that day, she expects to make a $20,000 profit. If it is
A rock concert producer has scheduled an outdoor concert. If it is warm that day, she expects to make a $20,000 profit. If it is cool that day, she expects to make a $5000 profit. If it is very cold that day, she expects to suffer a $12,000 loss. Based upon historical records, the weather office has estimated the chances of a warm day to be 0.60; the chances of a cool day to be 0.25. What is the producer's expected profit? OA) $13,250 B) $15,050 OC) $13,000 D) $5,000 E) $11,450
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