If the probability distribution of the variable is X and the number of containers sold from this lot is x          f(x) 0         1/15 1         2/15 2        2/15 3        3/15 4        4/15 5         3/15 Calculate the expected utility.

College Algebra
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ISBN:9781337282291
Author:Ron Larson
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Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
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Suppose a neighborhood grocery store buys 5 containers of skim milk at the wholesale price of $11 per container and sells it for $22 per container. After the expiration date, unsold milk is removed from the shelves and the grocer receives a credit from the distributor equal to three-fourths of the wholesale price. If the probability distribution of the variable is X and the number of containers sold from this lot is

x          f(x)

0         1/15

1         2/15

2        2/15

3        3/15

4        4/15

5         3/15

Calculate the expected utility.

(Round to two decimal places)

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