Please answer with steps On a sunny day, MiniGolf can gross $2000 in revenues. I
ID: 3219149 • Letter: P
Question
Please answer with steps On a sunny day, MiniGolf can gross $2000 in revenues. If the day is cloudy, revenues drop by 20%. A rainy day will reduce the revenues by 80%. If today's weather is sunny, there is a 20% chance that tomorrow will be rainy and 30% chance it will be sunny. Rain will continue through the next day with a probability of .8, but there is a 10% chance it may be sunny. a. Determine the expected daily revenues for MiniGolf. b. Determine the average number of days the weather will not be sunny.
Explanation / Answer
Solution:
a) sunyy day =$2000
cloudy= 80/100*$2000
=$1600
rainy=20/100*$2000
=$400
b) 1+( 29)^0.8 +(28)^0.3+(28)^0.1
=19 days