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A survey conducted over last 25 years indicated that in 10 years the winter was mild, in 8 years it was cold and in the remaining 7 it was very cold. A company sells 1,000 woollen coats in a mild...

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Probability A survey conducted over last 25 years indicated that in 10 years the winter was mild, in 8 years it was cold and in the remaining 7 it was very cold. A company sells 1,000 woollen coats in a mild year, 1,300 in a cold year and 2,000 in a very cold year. You are required to find the yearly expected profit of the company if a woolen coat costs $. 1730 and it is sold to stores for $. 2480.
Extracted text: A survey conducted over last 25 years indicated that in 10 years the winter was mild, in 8 years it was cold and in the remaining 7 it was very cold. A company sells 1,000 woollen coats in a mild year, 1,300 in a cold year and 2,000 in a very cold year. You are required to find the yearly expected profit of the company if a woolen coat costs $. 1730 and it is sold to stores for $. 2480.
Answered 133 days After Jun 01, 2022

Solution

Aditi answered on Oct 13 2022
72 Votes
SOLUTION
eing that,
During the past 25 years,
Since the last 10 winters were mild, the firm has sold 1000 wool jackets.
The business sells 1300 wool jackets throughout the eight years of harsh winters.
The next seven years saw extremely cold winters. Moreover, the business offers 2000 wool...
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