+43 I'm so lost in this class.. Any help would be greatly appreciated!! I posted a question earlier and was shown the formula which was such a huge help. Heres another...
A lawyer sometimes represents clients for a contingency fee. The lawyer only gets paid for services rendered if the client wins the case. Suppose a client is suing for $400,000 and the lawyers fee is 10% of the settlement. The lawyer will spend $2,000 preparing the case and believes there is a 20% chance of winning the case. Find the lawyers expected profit.
