Question: Outdoor Regatta. A producer plans an outdoor regatta for May 3. The cost of the regatta is $8000. This includes advertising, security, printing tickets, entertainment, etc . The producer plans to make $15,000 profit if all goes well. However, if it rains, the regatta will have to be cancelled. According to the weather report, the probability of rain is 0.3. Find the producer’s expected profit.