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Ech well costs 20000 to drill a well which strikes oil

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An oil firm plans to drill 20 wells, each having probability 0.2 of striking oil. Each well costs $20,000 to drill; a well which strikes oil will bring in $750,000 in revenue. Find the expected gain from the 20 wells.

1. 1.2 million

2. 4 million

3. 800 thousand

4. 2.6 million

Reference no: EM13580486

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