The expected profit for the car wash is $97.50.
Probability is the possibility of the happening of an event. its is the ration of a particular event upon total number of events.
Formula used is given below;
profit = (loss*probability of loss) + (profit*probability of profit)
μx = (−30)(.15) + (120)(.85)
= −4.50 + 102
= 97.50
Therefore we can conclude that the expected profit for the car wash is $97.50.
To learn more about probability
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