If it rains a dealer in rain coats can earn Rs.500/- a day. If it is fair he will lose Rs. 40/- a day. His mean profit if the probability of a fair day is 0.6 is:
Rs. 230/-
Rs. 460/-
Rs. 176/-
Rs. 88/-
A
Rs. 460/-
B
Rs. 176/-
C
Rs. 88/-
D
Rs. 230/-
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Solution
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MeanValue=∑x(i)∗P(x(i)) Mean profit =0.4∗500+0.6∗(−40)=176.
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