Answer to Question #45278 in Statistics and Probability for Viola Briggs

Question #45278
An oil-drilling company knows that it costs $25,000 to sink a test well. If oil is hit, the income for the drilling company will be $335,000. If only natural gas is hit, the income will be $130,000. If nothing is hit, there will be no income. If the probability of hitting oil is 1/40 and if the probability of hitting gas is 1/20, what is the expectation for the drilling company?
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Expert's answer
2014-08-28T14:07:53-0400
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/mathematics-answer-45278.pdf

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