Math 3 Quiz
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STATISTICS & PROBABILITY
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A pharmaceutical company is evaluating two research projects. Project X has a 25% chance of producing a drug worth $8 million, a 40% chance of producing a drug worth $3 million, and a 35% chance of producing no viable drug. Project Y has a 15% chance of producing a drug worth $12 million, a 45% chance of producing a drug worth $4 million, and a 40% chance of producing no viable drug. Both projects cost $2 million to complete. If the company can pursue both projects simultaneously and each project's success is independent, what is the expected total profit from pursuing both projects?
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