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The Cromwell Construction Company has the opportunity to enter into a contract to build a mountain road.The following table shows the probability distribution for the profit that could occur if it takes the contract:
Based on this information,the expected profit for the company if it takes the contract is $60,000.
Ace Of Spades
A playing card with a singular pip of a spade, often considered the highest card in the deck of playing cards.
Probability Model
A mathematical representation of a random phenomenon, describing the set of possible outcomes and the likelihood of each outcome.
Rainy Days
Days during which a significant amount of precipitation falls, commonly used in weather statistics.
Random Variable X
A variable whose possible values are numerical outcomes of a random phenomenon, with each outcome having an associated probability.
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