Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $36,000 on a clear day and $19,000 on a cloudy day. They will take a loss of $4,000 if it rains. The weather channel has predicted a 57% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 16% that it will be sunny and 27% that it will be cloudy.

Q&A Education