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The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2. .25, .05, and .2. Show the probability distribution for the expense forecast. b. What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? a. с.

The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2. .25, .05, and .2. Show the probability distribution for the expense forecast. b. What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? a. с.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.CR: Chapter Review
Problem 5CC: a What is meant by an experiment? Sample space? b What is an event? c Define the probability of an...
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61. The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2. .25, .05, and .2. Show the probability distribution for the expense forecast. b. What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at $12 million, comment on the financial position of the college. a. с.
Transcribed Image Text:61. The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2. .25, .05, and .2. Show the probability distribution for the expense forecast. b. What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at $12 million, comment on the financial position of the college. a. с.
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