Question

A hotel hosts three types of events: expositions (E),
conferences (C) and wedding receptions (W). The profits made by
these events vary. The profits made on expos average $7000 and vary
independently with standard deviation $1500. The profits made on
conferences average $6000 and vary independently with standard
deviation $1000. The profits made on wedding receptions average
$4000 and vary independently with standard deviation $1500. Let us
suppose that the profits for expos and conferences are slightly
negatively correlated with ρ_{EC} = -0.3, the profits for
expos and wedding receptions are independent, but the profits for
conferences and wedding receptions are slightly positively
correlated with ρ_{CW} = 0.4

(ρ_{EC} means correlation between expositions and
conferences )

**Calculate the mean profits from conferences and wedding
receptions together**

Answer #1

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