An architect is considering bidding for the design of a new…
An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $9,000. The probability of being awarded the bid is 0.2. If the architect is awarded the bid, she will make $90,000 minus the $9,000 cost for plans and a model. The probability of not being awared the bid is 0.8. What is the expected value in this situation? Round your solution to the nearest whole number.