Answer:
the expected value of Julio earning for one week is $1,462
Explanation:
The expected value of Julio earning for one week is shown below:
But before that
First determine E(c)
= 1 × 0.08 + 2 × 0.16 + 3 × 0.21 + 4 × 0.3 + 5 × 0.18 + 6 × 0.03
= 3.31
The earning is
= $800 + $200 C
= $800 + $200 × 3.31
= $800 + $662
= $1,462
Hence, the expected value of Julio earning for one week is $1,462
