Mathematics, 23.11.2021 20:20 LuckyCharms988
The financial success of the Downhill Ski Resort in the Blue Ridge Mountains is dependent on 2 the amount of snowfall during the winter months. If the snowfall averages more than 40 inches 3 the resort will be successful; if the snowfall is between 20 and 40 inches, the resort will receive 4 a moderate financial return; and if snowfall averages less than 20 inches, the resort will suffer a 5 financial loss. The financial return and probability, given each level of snowfall, follow:
Snowfall Level (in.) Financial return
> 40.4 $120,000
20-40, 0.2 40,000
< 20, 0.4 -40,000
Required:
A large hotel chain has offered to lease the resort for the winter for $40.000. Compute the expected value to determine whether the resort should operate or lease. Explain your answer.
Answers: 2
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