A producer plans an outdoor concert for the weekend. The cost of the concert is $8,000 which includes advertising, security, printing, tickets, etc. The producer plans to profit $15,000 if all goes well. However, it it rains, the concert will be canceled. The chance of rain is 0.3 according to the weather report. Find the producer’s expected profit.

$8,100

Step-by-step explanation:

If it does not rain, the producer stands to make a profit of $15,000.

If it rains, the producer will lose the $8,000 they invested.

The chance of rain is 0.3 which means the chance it does not rain is 0.7.

Producer's expected profit is the weighted average of these outcomes;

= (15,000 * 0.7) + ( -8,000 * 0.3)

= 10,500 + ( - 2,400)

= $8,100

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