Answer:
The expected number of contracts Larry will get is 2.40.
Explanation:
Let X = number of contracts Larry will get.
The probability of Larry getting a contact is, P (X) = p = 0.40
The number of bids placed is, n = 6.
Each bid is placed on statistically independent small jobs.
The random variable X follows a Binomial distribution with parameters n = 6 and p = 0.40.
The expected value of a Binomial distribution is:
[tex]E(X)=n\times p[/tex]
Compute the expected number of contracts Larry will get as follows:
[tex]E(X)=n\times p=6\times0.40=2.40[/tex]
Thus, the expected number of contracts Larry will get is 2.40.
