Question & Answer: (1 pt) Jeff is producing an outdoor concert. He estimates that he will make 3800 dollars if it does not rain, and…..

(1 pt) Jeff is producing an outdoor concert. He estimates that he will make 3800 dollars if it does not rain, and make 550 dollars if it does rain. The local weather station (which we’ll assume is accurate in giving forecasts) predicts that the chance of rain is 20 percent for the day of the concert. What is Jeff’s expected earnings from the concert? Answer = 3050 dollars.