Given the possibility of rain, the expected value on a baseball game investment is $14478.40
The expected value of an investment displays the amount that an investor can anticipate receiving based on the potential outcomes and the likelihood that these outcomes will occur.
The business will forfeit all of the funds invested in the baseball game if it rains. However, if it doesn't rain, they may sell $20, 598 worth of tickets.
This baseball game's projected return on investment is= (Rainfall Losses x Rainfall Probability) + ( Probability of no rain x Ticket sales if no rain)
= (20 % x - 10, 000) + ( (1 - 20 %) x 20, 598)
= - 2, 000 + 16,478.40
= $14, 478.40
Therefore , the expected value of investing in the baseball game would be $14, 478.40
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according to our textbook, luke’s gospel puts a good deal of emphasis on prayer, reporting that jesus prayed eleven times, much more than any other gospel.
Luke emphasizes throughout his narrative that Jesus was a friend to people of all races and nations, including Samaritans and others who were considered outcasts, in addition to Jews.
What does Luke's Gospel emphasize?Luke also provides us with a special glimpse into Jesus' prayer life. We experience Jesus in prayer more than in any other gospel. In the reading from today, we see him both praying by himself in a serene setting and inviting Peter, James, and John to join him in prayer.
In Luke, Jesus is portrayed as a prayerful Messiah. In addition to teaching about prayer in several memorable parables, such as the one of the unjust judge in 18:1–8 and the material in 11:5-8, Jesus is also depicted praying in Luke more than He is in the other three Gospels combined, starting with His baptism in chapter 1.
In Luke's account of Jesus' brief ministry, we see him as a man of great compassion who cared for the underprivileged, persecuted, and outcast members of that society.
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the marketing department manager at kearney consulting made a strong push to hire professionals with superior performance records in prior jobs. it didn't take long for these enthusiastic marketers to recognize the many talents within their department. they admired how alike they were and how they seemed to agree with each other's work styles and ideas. after a while, it became difficult for others in the organization to present to this group. if the idea did not originate within the marketing team, marketers did not give it much credence. this phenomenon is called
Based on business management and the description of the scenario in this question, this phenomenon is called Groupthink
What is Groupthink?Groupthink is a term that is used to describe the mode of thinking in which individual members of small cohesive groups tend to accept a viewpoint or conclusion that represents a perceived group consensus, regardless or not the group members believe it to be valid, correct, or optimal.
Generally, the term. groupthink is known to have its disadvantages which are attributed to the effect of departmentalization.
Groupthink negatives arise when the department members engage in begin to think alike and may need input from outside to become more creative.
This is revealed in the description where it became difficult for others in the organization to present to this group. Thus, if the idea did not originate within the marketing team, marketers did not give it much credence.
Hence, in this case, it is concluded that the correct answer is Groupthink.
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goods for which a purchase order had been placed at an estimated cost of $1,600 were received at an actual cost of $1,550. the journal entry in the general fund to record the receipt of the goods will include a:
The journal entry in the general fund to record the receipt of the goods will be Debit: Accounts Payable $1,550 and Credit: Inventory $1,550
How do you explain the above journal entry?The journal entry in the general fund would include a debit to the accounts payable account in the amount of $1,550 and a credit to the inventory account in the same amount to reflect the receipt of goods for which a purchase order had been placed at an estimated cost of $1,600 but were actually received at a cost of $1,550.
The journal entry is as follows:
Debit: $1,550 in Accounts Payable
Credit: 1,550 in inventory
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what type of training is relatively cost-effective and helpful in overcoming language barriers?
Classroom training is relatively cost-effective and helpful in overcoming language barriers.
What is classroom style training?A series of presentation slides and tasks, such as case study evaluations or information on workplace policy concerns, are completed by groups of employees. A benefit of classroom-based training is that many employees may simultaneously learn a lot of information.Various sizes of training groups are possible. The crucial "human touch," which is sometimes lacking in technology-based training, is provided by the classroom setting. Learning is enriched by group interaction. Both the trainer and the employees teach each other new things.The primary objective of classroom instruction should be to promote learning. The term "classroom" refers to an area where a variety of activities are taking place, interactions are happening, social conditions are being improved, and norms are being incorporated into instructional scenarios.Learn more about classroom style training refer to :
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Terron has monetary assets that total $8,500 and monthly living expenses that total $2,000. His emergency fund ratio is
Terron has monetary assets that total $8,500 and monthly living expenses that total $2,000. His emergency fund ratio is 0.75.
An emergency fund is a good thing to ought to preserve you out of debt. You should have three-6 months' worth of dwelling charges on your emergency fund.
Charge hazard is the chance that the truthful fee of economic instruments will trade when hobby costs alternate. for example, buying and selling portfolios, held-for-sale mortgage portfolios, and loan servicing properties contain rate hazards.
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if a financial crisis develops in ruritania, with numerous loans going into default, is the money multiplier likely to increase or decrease?
If a financial crisis develops in Ruritania, with numerous loans going into default, is the money multiplier likely to decrease.
In a financial crisis, asset prices see asleep decline in value, businesses and consumers are unable to pay their debts, and financial institutions experience liquidity shortages.
A financial crisis is often associated with a panic or a bank run during which investors sell off assets or withdraw money from savings accounts because they fear the value of those assets will drop if they remain in a financial institution. That leads to decrease money multiplier.
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how does wal-mart manage its cash, accounts receivables, inventory and accounts payable in a way that allows them to be more profitable than target?
The retail behemoth Walmart is at least five times bigger than its main rival, Target. The higher inventory and asset turnover, as well as the operational dollar earned per dollar of asset.
Show that Walmart appears to be more operationally efficient than Target. There isn't much of a difference between the marketplaces you choose to list on for goods that fall under the inventory of food, home goods, and household necessities. Walmart is more concerned with health, whereas Target is more concerned with beauty things. The cornerstone of our strategy is Every Day Low Price (EDLP), and we are more price-focused than ever.
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currently, umami pea and cracker snacks are shipped directly from the production facility to the retailers. umami snacks are available in ten retail chains across the united states. you believe that adding a food wholesaler to the distribution chain would benefit umami. when you present this recommendation to the ceo of umami, which argument should be your primary basis for the recommendation?
When you present this recommendation to the CEO of Umami, the argument which should be your primary basis for the recommendation would be to add a wholesaler to the channel as it reduces the number of Umami's contacts.
As the Umami pea and cracker snacks are shipped directly from the production facility to the retailers. Thus, by adding a wholesaler to the channel tends to reduce the number of contacts for Umami which can be from from four to one.
So, while presenting this recommendation to the CEO of Umami, the argument which should be of one's primary basis for the recommendation would be in order to add a wholesaler.
Hence, Umami snacks are available in four retail chains in the U.S.
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Find the system reliability from the figure below.
R₁ = 0.9
R3 = 0.8
R₂ = 0.9
R₂ = 0.8
R4 = 0.8
Rs = 0.9
R6 = 0.9
The biological process by which filamentous fungi reproduce asexually from spores is called conidiation. The most obvious result of fungal circadian rhythms is rhythmic conidiation.
The majority of the time, this rhythmic conidiation is studied using species of neurospora.
R₁ =0.9, R2=0.8
R3=0.95. R4 = 0.75;
R5 = 0.85; R6 = 0.99;
R7 = 6.97; and R8 = 089.
The system configuration is as follows:
R = 1- R, R3 = (0.9) (0.95) = 0.855 1-R, R2 (1-0855) =0445 1-R5 R = 1-(0.85) (0.97) =1-0.8245 -0.1755 The conidiation's system reliability is 1- [(1-R,R3) (1-RgR+) (1-R, R6 R8 R3) (1-R, R+)]
1-R2P4 |--(0.8) (0.75) = 1-0.6 from the equation. 1-R2 Rs R$ R3 -> 1- (0.8) (0.99) (0.89) (0.95) = 1-0.669636 = 0.330364 O yields = 0.4 -[(1-RIR3) (1-R2R7) (1-R2H8R&Rg) (1-R2R4)] R=1- = 1-[6.145 (0.1755) (0-23036-40) (0-4)] 10.303362752 = 0.996637248, indicating that the system's meliability is zero.
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Why is it important to be flexible and patient when exhibiting sensitivity?
it is important to be flexible and patient when exhibiting sensitivity because we define ethnocentrism as an attitude or view that analyzes the world according to the parameters of our own culture.
What is Ethnocentrism?Ethnocentrism in social technological know-how and anthropology—in addition to in colloquial English discourse—way to use one's personal way of life or ethnicity as a body of connection with deciding different cultures, practices, behaviors, beliefs, and humans, rather than the use of the requirements of the specific way of life involved. Since this judgment is frequently bad, a few humans additionally use the time period to consult the perception that one's way of life is advanced to, or extra accurate or ordinary than, all others—mainly concerning the differences that outline every ethnicity's cultural identity, along with language, behavior, customs, and religion.[1] In not unusual place usage, it is able to additionally truly suggest any culturally biased judgment. For example, ethnocentrism may be visible withinside the not unusual place portrayals of the Global South and the Global North.Ethnocentrism is now and again associated with racism, stereotyping, discrimination, or xenophobia. However, the time period of "ethnocentrism" does now no longer always contain a bad view of others' race or implies a bad connotation.[3] The contrary of ethnocentrism is cultural relativism, a guiding philosophy declaring the satisfactory manner to recognize a distinct way of life is thru their angle as opposed to judging them from the subjective viewpoints formed through one's personal cultural requirements.Thus, It often includes the belief that one's ethnic group is most important, or that some or all aspects of our culture are superior to those of others.
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the top hat division of blandon's fine menswear had the following results last year. sales $5,100,000 operating income $510,000 total invested assets $3,000,000 current liabilities $260,000 management's target rate of return is 24% and the weighted average cost of capital is 18%. what is the top hat division's return on investment (roi)?
The return on investment (ROI) for the Top Hat Division is 17.00%.
What is return on investment?Return on investment (ROI) is a performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. It is commonly expressed as a percentage and is typically used for personal financial decisions, to compare a company's profitability or to compare the efficiency of different investments. ROI measures the amount of return on an investment relative to the investment’s cost. It is calculated by taking the gain from an investment, subtracting the cost of the investment and dividing the result by the cost of the investment. This calculation provides investors with an idea of how efficient their investment is and whether it is generating a positive return.
This can be calculated by dividing the operating income (ROI) by the total invested assets. In this case, the ROI would be calculated as follows:
$510,000 / $3,000,000 = 0.17 = 17.00%
This return on investment is lower than the target rate of return of 24%. This indicates that the Top Hat Division is not meeting the management's target rate of return and could potentially benefit from some improvements in its operations.
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in order to require banks to hold more money as opposed to lending it, the federal reserve can —
In order to require bank to hold more money as opposed to lending it, the federal reserve can raise the reserve requirement, which reduces the amount of money that banks have available to lend.
The United States of America's central banking system is called the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralized management of the monetary system to prevent financial crises following a string of financial panics.
The Federal Reserve System's functions and responsibilities have grown over time as a result of occasions like the Great Depression in the 1930s and the Great Recession in the 2000s. In the Federal Reserve Act, Congress outlined three main goals for monetary policy: increasing employment, maintaining price stability, and lowering long-term interest rates.
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If a business decides to act outside of the prevailing ethical norms of that community.
The area of ethics that Ingrid's opinions reflect is normative ethics. if a business chooses to conduct itself unethically in the view of the public.
What is Normative ethics?A subfield of moral philosophy called normative ethics seeks to define what is morally right and wrong. It comprises the formulation of moral principles that directly affect how individuals ought to behave in private, public, and institutional contexts. It is sometimes compared with theoretical ethics, or the foundational level, which concentrates on the structure rather than the substance of ethical theories and moral judgements, and with applied ethics, or the application of ethical theory to real-world circumstances.
Questions of moral action are examined by the normative ethics subfield of philosophical ethics. It is the research of moral behavior.
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which accounting standard board set the rules that state governments follow when preparing their financial statements? group of answer choices
The Financial Accounting Standards Board (FASB) sets accounting policies for public and non-public businesses and nonprofits in the United States. A associated organization, the Governmental Accounting Standards Board (GASB), sets policies for nation and neighborhood governments.
Does the authorities use FASB?FASB standards, on one hand, are created by way of the Financial Accounting Standards Board (FASB) and they apply to all public companies. GASB standards, on the different hand, are created with the aid of the Governmental Accounting Standards Board (GASB) and they practice to state and nearby governments.
What does FASB stand for?The Financial Accounting Standards Board (FASB) is the private quarter group accountable for writing accounting regulations (Accounting Standards) that U.S. organizations observe to problem financial reports. The guidelines that the FASB writes are referred to as Generally Accepted Accounting Principles (GAAP).
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https://brainly.com/question/29994313#SPJ4a two-year strips sells at an interest rate of 3.84% and a three-year strips sells at a rate of 3.97%. what is the implied one-year interest rate two years from now? assume the rates are effective annual rates.
The implied one-year interest rate two years from now is approximately 1.29%. The implied rate is the difference between the current interest rate and the interest rate for the futures or forward delivery date.
What is an implied interest?The implied interest rate is the distinction between a transaction's spot rate and its forward or futures rate. It is assumed that interest rates will rise in the future when the spot rate is lower than the forward or futures rate.
Investors can compare the returns of various investments and evaluate the return and risk characteristics of that particular securities using the implied interest rate. Any security type that also contains a futures or options contract has an implied interest rate that is simple to calculate.
To find the implied one-year interest rate two years from now, you can use the following formula:
r_2 = (1 + r_3)^(1/3) - 1
Where r_2 is the implied one-year interest rate two years from now, r_3 is the three-year interest rate, and the exponent (1/3) represents the fact that you are finding the annual rate implied by a three-year rate.
Plugging in the given values, you get:
r_2 = (1 + 3.97%)^(1/3) - 1 = (1.0397)^(1/3) - 1 = 1.0129 - 1 = 0.0129
So the implied one-year interest rate two years from now is approximately 1.29%.
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.
Example of dependability:
Opposite of dependability:
Why does your employer want you to demonstrate dependability?
Examples of dependability include
Punctuality,Ability to meet deadlines,Ability to work within specified budget.The opposite of dependability is unreliability.
My employer wants me to be dependable demonstrate it because dependable employees are willing to assist clients and coworkers without his supervision, and in his absence.
Importance of dependabilityEach employee in a company depends on others to complete their tasks well and on time so that they can do the same for themselves. The production chain grinds to a halt if one person delays it, potentially affecting every deadline down the line and, in the end, product delivery and sales.
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program manager stasha makes sure her program always operates according to her state's required child to staff ratio (even if lower than ras's ratio of 1:15) and the state's maximum group size (even if she has space for more kids). what is stasha ensuring?
Program management strives to benefit the overall program by pooling project assets, expenses, and activities.
The definition of program management.
Program management is the practice of overseeing programs that are aligned with corporate goals and enhance organizational performance. Program managers are responsible for directing and organizing all of the organization's programs and other strategic activities.
What precisely do program management abilities entail?
having knowledge of program management
Numerous essential abilities, such as organization, planning, scheduling, program strategy, reporting, proposal writing, and budget planning, are required of a successful program manager. In the end, it depends on the positions your company is looking for and how they will interact with any current team members.
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the number of retro portable cd players you are prepared to supply to a retail outlet every week is given by the formula: where p is the price the retail outlet offers you. the retail outlet is currently offering you $40 per cd player. if the price they offer decreases at a rate of $2 per week, specifically describe how will this affect the number you supply to them?
Supply will decrease at the rate of 29 CDs per week.
In economics, supply is the quantity of a aid that firms, manufacturers, labourers, companies of financial belongings, or other financial agents are inclined and capable of offer to the marketplace or to an individual. supply may be in produced items, labour time, uncooked substances, or every other scarce or valuable object. supply is frequently plotted graphically as a supply curve, with the fee according to unit at the vertical axis and quantity furnished as a characteristic of charge at the horizontal axis. This reversal of the usual position of the dependent variable and the impartial variable is an unlucky but popular conference.
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samir decided to work an extra week at physics r us where he earns $20 per hour rather than go with his family on a caribbean cruise. the opportunity cost of his decision was
$480 is the opportunity Cost . Opportunity Cost is calculated as Return on the Most Profitable Investment - Return on the Investment Selected.
What is opportunity cost and an illustration?The value of the resource's next-highest-valued alternative usage is what economists mean when they talk about a resource's "opportunity cost." You cannot use that time and money to watch a movie, for instance, and you also cannot read a book at home during that period.Economic theory uses the word "opportunity cost" to describe the worth of what you must forgo in order to chose something else. Briefly put, it represents the value of the path not traveled.Utilizing the following formula, opportunity cost is determined: Opportunity Cost is calculated as Return on the Most Profitable Investment - Return on the Investment Selected.Explanation:
20*24 = $480.
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given that revenues increased when concession prices fell, what can you say about the price elasticity of demand for stadium food?
Revenue is the amount of money that a business brings in, including income from sales and any additional income from bank interest or investments.
A company can increase its revenue by increasing sales, adding other sources of income and increasing the amount of money that each sale produces.
How do you show revenue increase?The formula for revenue growth requires you to subtract the previous period's revenue from the current period's revenue, then divide it by the previous period's revenue. Now, we calculate $80,000 / $820,000 and end up with roughly 0.0975. That means the company's revenue growth from 2020 to 2021 was 9.75%
What does it mean if revenues increase?In simplest terms, revenue growth is the amount of money your company makes over a pre-determined time compared to the previous, identical amount of time. So, for instance, it's how much money you made this month compared to last month. “Revenue” is often confused with sales and earnings
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which describes the liability of an owner of a sole proprietorship? responses undefined undefined nonexistent nonexistent limited limited unlimited
The liability of a sole proprietorship owner is described as unlimited. Hence, the correct answer is unlimited.
What kind of company is a sole proprietorship?A sole proprietorship is a type of business owned and controlled by a single person with no legal distinction between the owner and the business organization. It is also known as a solo tradership, individual entrepreneurship, or proprietorship. A sole proprietor may not necessarily operate alone and may employ individuals. The sole proprietor receives all profits and is individually accountable for all losses and liabilities. The owner owns all of the firm's assets as well as all of the company's liabilities. It is a "single" proprietorship rather than a partnership, which requires at least two owners.
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Which best describes the future growth potential of the marketing, sales, and service career cluster?.
The statement that best describes the future growth potential of the marketing, sales, and service career cluster is that growth is expected to grow much more quickly than average. Option D
What is future growth potential of the marketing?While most people are aware of how crucial marketing and sales are to a company's growth, it can be difficult to stay current because what works today might not work tomorrow.
In the near future, the Marketing, Sales, and Service Career Cluster will see a significant increase in relevance. These industries are a part of the tertiary sector, which is expanding at the highest rate among the other two sectors.
Hence, this is also due to the fact that enterprises in this rapidly developing global environment depend on these industries for survival and expansion.
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Complete question
Which best describes the future growth potential of the Marketing, Sales, and Service career cluster?
Growth is expected to decline.
Growth is expected to grow less quickly than average.
Growth is expected to be about average.
Growth is expected to grow much more quickly than average.
To have a more positive metaverse experience, it's important to __________________________.
A. check in with yourself to find the right balance
B. interact with everyone in the same experience
C. exit before someone starts connecting with you
D. continue as long as possible without taking a break
Interacting with everyone in a similar experience is crucial for a more fulfilling metaverse experience. As a result, choice (B) is the proper response.
What is metaverse?In science fiction and futuristic literature, the metaverse is a fictitious version of the Internet that is a single, all-encompassing virtual environment made possible by the usage of virtual reality (VR) and augmented reality (AR) devices. A metaverse is a collection of 3D virtual environments that are mostly utilized for social interaction.
The words "meta" and "universe" were combined to create the phrase "metaverse," which first appeared in the science fiction book Snow Crash in 1992.
Hence, option (B) is accurate.
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whan a country's economy is producing at a level that exceeds its potential gdp the standardized emploment deficit will show a than the actual deficit
When a country's economy is producing at a level that exceeds its potential GDP the standardized employment deficit will show a than the actual deficit less than its actual budget.
Describe GDP.The gross domestic product, or GDP, is one of the most well-known. It is frequently quoted by governments, central banks, and the business world in books, newspapers, television news, and reports. It is frequently used these days as a benchmark to assess the state of both national and global economies.
Who makes that decision?GDP is calculated by adding private consumption, gross domestic product, government investment, and other elements (exports – imports). The country's national statistical bureau frequently computes GDP using the global standard.
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when it comes to social listening, how do you know which social networks to start with?
NetBase is one of the few social listening equipment using Natural Language Processing (NLP) to assist you in focusing your social listening to the most necessary conversations.
It gathers facts from millions of social media posts day by day plus over 100 billion historical posts throughout the social web.
How to do social listening manually?Social listening is a two-step process: Step One: Track social media platforms for mentions of your brand, products, services, competitors, and key phrases related to your business. Step Two: Analyze the data to acquire insights and act on opportunities (or threats).
What are the four steps required in the listening process?The listening technique entails 4 stages: receiving, understanding, evaluating, and responding.
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https://brainly.com/question/29949876#SPJ4g if the price the firm receives for its product is $32 and the firm is producing a profit-maximizing quantity, then will the firm produce or shut down in the short-run?
When pricing is lower than average variable cost, a profit-maximizing company decides to close in the short term. When price is lower than average total cost, a firm will eventually leave a market.
Explain about the profit-maximizing?The optimal output at which your company is most lucrative is highlighted by profit maximization. A company seeking to maximize profit will produce the amount where "marginal cost" and "marginal revenue" are equal to one another, according to the Khan Academy, a nonprofit educational organization.
Profit maximization is the process through which a company sets its prices and cost structure in order to generate the maximum profit. Gaining more money is the organization's main objective.
Making something as big or as wonderful as you can is what is meant by the term "maximization." You want to make the most money feasible from your investments if you are interested in maximising your profits.
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porter company is analyzing two potential investments. project x project y initial investment $ 72,790 $ 62,000 net cash flow: year 1 25,000 4,200 year 2 25,000 27,000 year 3 25,000 27,000 year 4 0 22,000 if the company is using the payback period method, and it requires a payback of three years or less, which project(s) should be selected?
Project X. The Payback period is 3.2 years. The time it takes to recoup the cost of an investment is referred to as the payback period. It is simply the amount of time it takes an investment to break even.
Project X payback period: $68,000/$24,000 per year [tex]= 2.83[/tex] years Project Y payback period:
Period Expected net cash flow Cumulative net cash flow0 $(60,000) $(60,000)1 4,000 (56,000)2 26,000 (30,000)3 26,000 (4,000)4 20,000 16,000
Payback period = 3 years + (4/20) = 3.2 years
While payback technique refers to the amount of time needed for the return on an investment to cover the entire initial investment, NPV (Net Present Value) is computed in terms of currency. Payback, NPV, and numerous more metrics are examples of ways to assess the worth of a project. The Payback Period demonstrates the length of time it takes for a company to recover an investment. If a project's ability to pay back its investment in the shortest amount of time is crucial to a company, this form of research enables them to assess other investment alternatives.
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the commission on the sale of a house is $9,410, and 30% goes to the designated broker who listed the property. of the remainder, the designated broker whose affiliated licensee completed the transaction gets 45%, and the affiliated licensee who made the sale receives the balance. how much does the affiliated licensee who made the sale receive?
The affiliated licensee who made the sale receive the balance of $3,622.85. Any Affiliate to which Assignee directly or indirectly provides a license under the Patent Rights is referred to as a "affiliated licensee."
For the avoidance of doubt, if an entity ceases to be an Affiliate within the meaning of Section 1.1(a) or Section 1.1(b) (as applicable) at any time after the grant of a license to such entity, such entity shall nevertheless continue to be considered a "Affiliated Licensee" (and shall not be considered a "Third Party Licensee") for purposes of an Agreement.
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What historically has been the driving force behind the expanding responsibilities of the federal government?.
Historically, what has been the driving force behind the expanding responsibilities of the federal government is because the American people have asked the federal government to do more in the face of economic and social change.
What is the expanding responsibilities of the federal government?The federal government, which is simply referred to as Washington, is composed of three distinct branches which are legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively.
Those powers and duties of these governmental branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court.
Some examples of an expanded powers of the federal government in the U.S. Constitution includes the power to coin money, to regulate commerce to declare war, to raise and maintain armed forces, and to establish a Post Office.
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suppose you are producing an outdoor festival. you estimate that you will make $100000 if it does not rain and make $50000 if it does rain. the weather bureau predicts that the chance of rain is 25% for the day of the concert. what are your expected earnings for the festival?
The expected earnings for the festival is $128,700.
Probability is used to determine the chance that a random event would happen. The chance that the random event occurs lie between 0 and 1 or between 0% and 100%. The more likely it is that an event would happen, the more closer to one or hundred percent, the probability value is.
The chance it does not rain = 100% - chance it rains
100% - 46% = 54%
The expected earnings is a function of the chance that it rains, chance it does not rain and the amount that it would earn if it rains or it does not rain.
Expected earnings = (chance it would rain x amount you would earn if it rains) + chance it does rain x amount you would earn if does not rain)
($200,000 x 0.54) + ($45,000 x 0.46)
108,000 + 20,700 = $128,700
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