Consider the Following to Answer the Question(s) Below

question 24

Multiple Choice

Consider the following to answer the question(s) below:
A group is planning a fundraising concert. They must decide whether to hold the event indoors or out. The weather, specifically, whether or not it rains that day, will affect the amount raised by the event. The payoff table is shown below:
Action Weather Conditions

-Historically the probability of rain on the day of the planned concert is 0.20. What is the expected value of an indoor concert?

• A) $14,000
• B) $26,000
• C) $4,000
• D) $2,000
• E) $10,000

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