Question

The owner of an antique store estimates that there is a 25​% chance she will make...

The owner of an antique store estimates that there is a

25​%

chance she will make

$ 2000

when she sells an antique china​ cabinet, a

6060​%

chance she will make

$ 1250

when she sells the​ cabinet, and a

15​%

chance she will break even when she sells the cabinet. Determine the expected gain or loss for the store.

Math   Statistics-And-Probability   
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The owner of an antique store estimates that there is a 25% chance she will make $ 2000 when she sells an antique china​cabinet, a 60​% chance she will make $ 1250 when she sells the​cabinet, and a 15​% chance she will break even when she sells the cabinet. Determine the expected gain or loss for the store.

E(x) = 0.25*2000+0.6*1250+0.15*0

= 500 + 750+0

= $1250

The expected gain = $1250

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