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Question

If it rains on Republic Day parade an Auto Riksha earns Rs. 240, on the other hand it does not rain he loses Rs. 60. The probability of rain on Republic Day parade is 0.6. What is the value of expected income of an Auto Riksha on Republic Day parade?

A
Rs. 150
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B
Rs. 45
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C
Rs. 120
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D
Rs. 10
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Solution

The correct option is C Rs. 120
Probability of rain on a republic day =0.6=p1
Probability that it won't rain =0.4=p2
n1=Rs.240 n2=Rs.180
The probability that it rains for half of the day and the rest is sunny =n1p2
Expectation =n1p1+n2p2n1p2
=0.6×240+0.4×1800.4×240
=21696
=Rs.120
Hence, the answer is Rs. 120.

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