Question

1. at an outdoor flea market, the organizer estimates that 2000 people will attend if it does not rain and 700 people will attend if it does rain. the weather forecast indicates that there is a 60% chance of rain on the day of the seminar. determine the expected number of people who will attend the flea market. 13. the wilmington investment club is considering purchasing a certain stock. after considerable research, the club members determine that there is a 60% chance of making

Explanation:

Step1: Determine the probability of no - rain

The probability of rain \(P(\text{rain})=0.6\). The probability of no - rain \(P(\text{no - rain})=1 - P(\text{rain})=1 - 0.6 = 0.4\)

Step2: Use the formula for expected value

The formula for expected value \(E(X)=\sum_{i}x_{i}P(x_{i})\). Here, \(x_1 = 2000\) (number of people when no - rain) with \(P(x_1)=0.4\), and \(x_2 = 700\) (number of people when rain) with \(P(x_2)=0.6\)

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Answer:

The expected number of people who will attend the flea market is \(1220\)