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Demand for movie rentals

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The demand for movie rentals for a newly released movie is random. Suppose a movie rental store charges $2.50 for a new release rental and it costs the movie store $1.25 per copy of the movie. The following describes the distribution of demand for a new release. There is a probability of 0.16 that the store will rent 11 movies; there is a probability of 0.17 that the store will rent 14 movies; there is a probability of 0.35 that the store will rent 18 movies; otherwise, the store will rent 22 movies. What is the expected profit if they order 18 copies of a newly released movie? (please express your answer using 2 decimal places)

Reference no: EM131098120

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