Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $36,000 on a clear day and $17,000 on a cloudy day. They will make a loss of $5,000 if it rains. The weather channel has predicted a 48% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 13% that it will be sunny and 39% that it will be cloudy. Do not include the $ sign when you type your answer. (Blackboard can't understand it.)

The value of the expected profit from the concert is 8,910

Step-by-step explanation:

Profit on a clear day X₁ = 36,000 with  13% probability.  

i.e  X₁ = 36000

    P(X₁) = 0.13

Profit on a cloudy day = 17,000 with 39% probability.

i.e  X₂ = 17000

    P(X₂) = 0.39

else,

loss of 5,000 if it rains with the probability of 48%.

i.e  X₃ = 5000

    P(X₃) = 0.48

The value of the expected profit from the concert is obtained as follows

Expected Value = (36,000*0.13) + (17,000*0.39) - (5,000*0.48)

                           = 4,680 + 6,630 - 2,400

                           = 8,910

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )