a construction company is planning to bid on a building contract. the bid costs the company $1200. the…

a construction company is planning to bid on a building contract. the bid costs the company $1200. the probability that the bid is accepted is $\frac{2}{5}$. if the bid is accepted, the company will make $19,250 minus the cost of the bid.\na. what is the expected value in this situation?\n$ (round to the nearest dollar.)

a construction company is planning to bid on a building contract. the bid costs the company $1200. the probability that the bid is accepted is $\frac{2}{5}$. if the bid is accepted, the company will make $19,250 minus the cost of the bid.\na. what is the expected value in this situation?\n$ (round to the nearest dollar.)

Answer

Answer:

$6,820