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July 23, 2014

Homework Help: math

Posted by Anonymous on Tuesday, August 21, 2012 at 11:00pm.

An oil-drilling company knows that it costs $28,000 to sink a test well. If oil is hit, the income for the drilling company will be $445,000. If only natural gas is hit, the income will be $145,000. If nothing is hit, there will be no income. If the probability of hitting oil is and if the probability of hitting gas is , what is the expectation for the drilling company?
$ 1

Should the company sink the test well?

Yes

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