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Mathematics, 03.05.2020 13:51 perlar0704

An architect is considering bidding for the design of a new shopping mall. The cost of drawing plans and submitting a model is $10,000. The probability of being awarded the bid is 0.09, and anticipated profits are $100,000, resulting in a possible gain of this amount minus the $10,000 cost for plans and a model. What is the expected value in this situation?

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An architect is considering bidding for the design of a new shopping mall. The cost of drawing plans...

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