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24 November, 10:39

A taxi driver estimates that his earnings are $240 on a fine day and $320 on a wet day. What are his expected earnings on a day with probability of rain of 0.45?

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  1. 24 November, 11:22
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    Probability of raining=0.45

    Probability of not raining=1-0.45=0.55

    The expected earning will be given by:

    E (x) = 240 (0.55) + 320 (0.45)

    E (x) = 132+144

    E (x) = 276

    Answer: $276
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