angelread7237 angelread7237
  • 07-06-2023
  • Mathematics
contestada

Suppose that an oil company is deciding whether to invest $1 million dollar to explore a drilling site. The chance that oil will be found at the site is 30%. If oil is found, the site will yield \$5 million with probability p, or $1.5 million with probability 1−p. How large should p be so that the oil company at least breaks even

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