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Do I need calculus?
Posted:
Oct 22, 2010 4:31 AM
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Hi,
I'm starting my own business and I'm looking at various mathematical constructs to help refine my spending.
I have some theoretical problems which I would like you to point out how I could work them out or point me to the right type of mathematics I need so I can do them myself. Keep in mind, these are just theoretical examples so just assume the percentages are correct.
Let's say if I have a 70% chance that my product will be a success. I have $200,000 to put on the product, what would be the optimal amount of money that I could put on this product that will maximize potential profits and minimize potential losses. Also, what will my maximum return be?
I think it's some form of calculus that I need but I haven't done math in years so I would really appreciate it if you could stear me in the right direction.
Thanks,
Komb
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