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from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other.

from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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|A salesperson for a medical device company has two appointments on a given day. At the first appointment, he believes that he has a 70% chance to make the deal. from which he can earn $1000 commission if successful. On the other hand, he thinks he only has a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other. :1. 1
Transcribed Image Text:|A salesperson for a medical device company has two appointments on a given day. At the first appointment, he believes that he has a 70% chance to make the deal. from which he can earn $1000 commission if successful. On the other hand, he thinks he only has a 40% chance to make the deal at the second appointment, from which, if successful, he can make $1500. What is his expected commission based on his own probability belief? Assume that the appointment results are independent of each other. :1. 1
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