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Business, 06.08.2019 22:20 gg12344

Organizers of an outdoor summer concert in toronto are concerned about the weather conditions on the day of the concert. they will make a profit of $40,000 on a clear day and $14,000 on a cloudy day. they will make a loss of $5,000 if it rains. the weather channel has predicted a 60% chance of rain on the day of the concert. calculate the expected profit from the concert if the likelihood is 14% that it will be sunny and 26% that it will be cloudy.

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