What is the difference in expected monetary cost between

Reference no: EM133346350

Question: In Townville, street parking costs $1.50/hour. You can pay for as many hours of parking as you like. If you get a ticket for parking at an expired meter, it will cost you $10.
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Suppose you want to park for two hours, but the parking meter is expired. Your chance of getting a ticket in two hours is 40%. What is the difference in expected monetary cost between paying the meter for two hours and risking a ticket? Use a positive figure and round up to the nearest cent.

Reference no: EM133346350

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