Mathematics, 07.05.2021 22:40 dylannsquats

The proprietor of Midland Construction Company has to decide between two projects. He estimates that the first project will yield a profit of $180,000 with a probability of 0.7 or a profit of $150,000 with a probability of 0.3; the second project will yield a profit of $220,000 with a probability of 0.6 or a profit of $80,000 with a probability of 0.4. Which project should the proprietor choose if he wants to maximize his expected profit?

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