A concert producer has scheduled an outdoor concert for next Saturday. If it does not rain, the producer expects to make $20,000 profit. If it does rain, the producer will be forced to cancel the...

A concert producer has scheduled an outdoor concert for next Saturday. If it does not rain, the producer expects to make $20,000 profit. If it does rain, the producer will be forced to cancel the concert and will lose $12,000. The producer has learned that the probability of rain next Saturday is 0.4.

a. Let X = amount of money the producer will either make or lose. Find the probability distribution of X.

b. Find the producer's expected profit from the concert.