Question: The budgeting process for a southeastern college resulted in expense forecasts for the coming year (in $millions) of $13, $14, $15, $16, and $17. Because the actual expenses are unknown, the following respective probabilities are assigned: .15, .10, .23, .32, and .20.

1. . Show the probability distribution for the expense forecast.
2. . What is the expected value of the expenses for the coming year?
3. . What is the probability that the expenses for the coming year is at least $14 million?
4. . What is the probability that the expenses for the coming year is more than $15 million?
5. . If income projections for the year are estimated at $15 million, comment on the financial position of the college.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document