Determining expected value for probability distribution

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Reference no: EM1314638

A ski resort profits $1,500,000 during a good winter with lots of snow. The resort has a loss of $500,000 otherwise. The resort's historical climate data suggests that the probability of a good winter with lots of snow during any given year is 40%. What is the expected profit for the ski resort?

700,000

1,100,000

300,000

900,000

Reference no: EM1314638

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