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Expected revenue earned from that tree

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A forest consists of two types of trees: those that are 0-5 ft and those that are taller than 5 ft. Each year, 40% of all 0-5- ft tall trees die, 10% are sold for $20 each, 30% stay between 0 and 5 ft, and 20% grow to be more than 5 ft. Each year, 50% of all trees taller than 5 ft are sold for $50, 20% are sold for $30, and 30% remain in the forest.

a. What is the probability that a 0-5-ft tall tree will die before being sold?

b. If a tree (less than 5 ft) is planted, what is the expected revenue earned from that tree?

Reference no: EM13963612

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