A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid

Question

A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid is accepted is 1/4 . If the bid is accepted, the company will
make $38,000 minus the cost of the bid.
a. What is the expected value in this situation?
(Round to the nearest dollar)

Kunduz · Accepted Answer

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