A construction company is planning to bid on a building contract. The bid costs the company $1700. The probability that the bid is accepted is 1/4. If the bid is accepted, the company will make $16,800 minus the cost of the bid. Find the expected value in this situation.
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Home » Mathematics » A construction company is planning to bid on a building contract. The bid costs the company $1700. The probability that the bid is accepted is 1/4. If the bid is accepted, the company will make $16,800 minus the cost of the bid.