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.

a). Show the probability distribution for the expense forecast.

b). What is the expected value of the expenses for the coming year?

c). What is the probability that the expenses for the coming year is at least $14 million?

d). What is the probability that the expenses for the coming year is more than $15 million?

e). If income projections for the year are estimated at $15 million, comment on the financial position of the college.