Mathematics

Charity Cross

24 May, 13:43

An oil company is considering two sites on which to drill, described as follows:

Site A: Profit if it is found: $80 million

Site B: Profit if it is found: $120 million

Loss if no oil is found: $10 million

Loss if no oil is found: $18 million

Probability of finding oil: 0.2

Probability of finding oil: 0.1

Which site has a better expected value? A or B

What is the difference in the profits between the sites?

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