CIMA P1 Question Answer
A tennis club is considering running an open day to encourage new members and thus increase membership fees. The cost of the open day will be $1,000. Attendance is dependent on the weather. There is a 60% chance of good weather and a 40% chance of poor weather on the open day.
The expected new membership fees are:
What is the expected value of running the open day?
Give your answer as a whole number.
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