Suppose you are a defense contractor and you are bidding to win several different contracts

Statistics May 05, 2023

Suppose you are a defense contractor and you are bidding to win several different contracts. The large contract is valued at $100,000. The small contract is valued at $50,000. The probability of winning the large contract is 60%. The probability of winning the small contract is 72%. Given that winning each contract is independent of the other and that it is possible to win both contracts, find the mean and standard deviation of your potential earnings from the contract.