Aconstruction company wants to submit a bid for remodeling a school. the research and planning needed to make the bid cost $4000. if the bid were accepted, the company would make $26,000. would you advise the company to spend the $4000 if the bid has only 20% probability of being accepted? explain your reasoning.

This project has a positive Expected Monetary Value, so it is expected to make money. This means that the company should be advised to make the bid.

Step-by-step explanation:

We have to find the expected monetary value of this project.

If it is positive, the company should make the bid. Otherwise, they should not make the bid.

There is a 20% probability of the bid being accepted. If the bid is accepted, the company would make $26,000 and lose $4,000. So the expected net earning is $26,000-$4,000 = $22,000.

There is an 80% probability of the bid being rejected. In this case, the company loses $4,000.

The Expected Monetary Value of the project is:

.

This project has a positive Expected Monetary Value, so it is expected to make money. This means that the company should be advised to make the bid.

i pretty sure it is

the data of the detroit pistons in numerical order from least to greatest is 0.30, 0.37, 0.55, 0.62, 0.69, 0.72, 0.73, 0.75, 0.77, 0.78, 0.80, 0.81, 0.81, 0.83, 0.84, 0.89

the data of the miami heat in numerical order from least to greatest is 0.50, 0.50, 0.56, 0.57, 0.67, 0.72, 0.72, 0.72, 0.75, 0.75, 0.76, 0.81, 0.82, 0.90, 1.00, 1.00

the detroit pistons median : 1.52

the miami heat median: 1.47

the iqr of this data is 0.05