A contractor spends Rs. 3,000 to prepare for a bid on a construction project which, after deducting manufacturing expenses and the cost of bidding, will yield a profit of Rs. 25,000 if the bid is not won. If the chance of winning the bid is 10%, compute his expected profit?
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3
Answer:
200
Step-by-step explanation:
Profit And Loss:
the profit and loss are more common in business. If we get an amount more than what we invest, then it is profit. If we get less amount than the investment then it is in the loss. If the expected value is positive, then is profit. If it is negative then it is loss.
Answer and Explanation: 1
*Chance of winning = 0.10
*Chance of loosing = 0.90
Hence expected profit is,
=(3000×0.90)−(25,000×0.10)
=200
Hence 200 is the correct answer.
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