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 $33,000 on a clear day and $18,000 on a cloudy day. They

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 $33,000 on a clear day and $18,000 on a cloudy day. They will take a loss of $4,000 if it rains. The weather channel has predicted a 50% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 10% that it will be sunny and 40% that it will be cloudy.

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