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Find the expected profit for each project

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Question: The proprietor of Midland Construction Company has to decide between two projects. He estimates that the first project will yield a profit of $190,000 with a probability of 0.8 or a profit of $110,000 with a probability of 0.2; the second project will yield a profit of $240,000 with a probability of 0.6 or a profit of $70,000 with a probability of 0.4. Find the expected profit for each project. first project $ second project $

Reference no: EM131565758

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