A company has submitted bids for two construction jobs it, Ask an Expert

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A company has submitted bids for two construction jobs. It has 40% chance of winning Job A, and resulting profit is $90,000. The chance of winning Job B is 70%, with profit of $100,000. The bidding outcomes for Job A and Job B are independent.

Preparatory work costs a total of $5000 for the two bids. Determine the variance of the net profit made by the company.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91129379

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