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A construction company is planning to bid on a building contract. The bid costs the...

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Basic Math

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A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid is accepted is 1/4 . If the bid is accepted, the company willmake $38,000 minus the cost of the bid.a. What is the expected value in this situation?(Round to the nearest dollar)

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