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. a car wash loses $30 on rainy days and makes $120 on days when it does not rain. if the probability of rain is 0.15, calculate expected profit for the car wash.



Answer :

The expected profit for the car wash is $97.50.

Probability is the possibility of the happening of an event. its is the ration of a particular event upon total number of events.

Formula used is given below;

profit = (loss*probability of loss) + (profit*probability of profit)

μx = (−30)(.15) + (120)(.85)

= −4.50 + 102

= 97.50

Therefore we can conclude that the expected profit for the car wash is $97.50.

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