Find the probability distribution of the profit and the

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A mineral economist estimated that a particular mining venture had probability 0.4 of a $30 million loss, probability 0.5 of a $20 million profit, and probability 0.1 of a $40 million profit. Let X represent the profit, in millions of dollars. Find the probability distribution of the profit and the expected value of the profit. Does this venture represent an expected gain or an expected loss? What would your recommendation be to the company?

Reference no: EM13603512

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