Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $24,000 on a clear day and $14,000 on a cloudy day....

Organizers of an outdoor summer concert in Toronto are concerned about the weather conditions on the day of the concert. They will make a profit of $24,000 on a clear day and $14,000 on a cloudy day. They will make a loss of $7,000 if it rains. The weather channel has predicted a 55% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 13% that it will be sunny and 32% that it will be cloudy.