20 of their customers purchase package 3 and 25 of their, Ask an Expert

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A travel agency offers 4 different vacation packages to Europe. Their net profit for package 1 is $300, for package 2 it is $450, for package 3 it is $600, and for package 4 it is $1,000. From past experience they know that 30% of their customers purchase package 1, 25% of their customers purchase package 2, 20% of their customers purchase package 3 and 25% of their customers purchase package 4. Find the expected value or average profit per customer.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9119335

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