An architect is considering bidding for the design of a new

Last updated: 7/23/2022

An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $13,000. The probability of being awarded the bid is 0.4. If the architect is awarded the bid, she will make $32,500 minus the $13,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? (Round to the nearest dollar.)