Phil Dunphy, a real estate agent, is considering whether he should list an unusual $670,293 house for sale. If he lists it, he will need to spend $5,824 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,093. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 47%. What is the expected profit on this listing?

Phil Dunphy, a real estate agent, is considering whether he should list an unusual $670,293 house for sale. If he lists it, he will need to spend $5,824 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,093. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 47%. What is the expected profit on this listing?

Elementary Algebra

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.6: Solve Applications With Linear Inequalities

Problem 3.110TI: Christian has been offered a new job that pays $24,000 a year plus 3% of sales. For what total sales...

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