Answer only please. **Educational Content: Validity of Subjective Probability Assignments**---### A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment:- \( P(E_1) = 0.05 \)- \( P(E_2) = 0.15 \)- \( P(E_3) = 0.40 \)- \( P(E_4) = 0.35 \)#### Question: Are these probability assignments valid? Explain your reasoning.### Options:1. **No, the probabilities do not sum to 1.**2. **Yes, \( 0 \leq P(E_i) \leq 1 \) for all \( i \) and the probabilities' sum is greater than 1.**3. **Yes, \( 0 \leq P(E_i) \leq 1 \) for all \( i \) and the probabilities' sum is less than 1.**4. **No, the subjective method requires that all probabilities be equal.**### Explanation:To determine the validity of the probability assignments, we need to ensure the following conditions are met:1. Each probability \( P(E_i) \) must be between 0 and 1 (inclusive).2. The sum of all probabilities must equal 1.**Calculations:**First, let's check sum of the probabilities assigned:\[ P(E_1) + P(E_2) + P(E_3) + P(E_4) = 0.05 + 0.15 + 0.40 + 0.35 = 0.95 \]The sum of the probabilities is \( 0.95 \), which is less than 1.Therefore, the correct answer is:**Option 3: Yes, \( 0 \leq P(E_i) \leq 1 \) for all \( i \) and the probabilities' sum is less than 1.**### Additional Resources:Need more help understanding probability assignments? Check out our detailed guide on **[Understanding Probabilities and Their Properties](#)**.---Feel free to **show your work** below by explaining the steps or reasoning you used to reach this conclusion. This can add bonus points towards your score.**Note:**You can submit your work an unlimited number of times.### Upload Your WorkHave a detailed explanation or a file with your calculations? Upload

Name: Answer only please. **Educational Content: Validity of Subjective Prob
Uploaded: 2024-03-20T07:07:37.000Z
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Description: Answer only please. **Educational Content: Validity of Subjective Probability Assignments**---### A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment:- \( P(E_1) = 0.05 \)- \( P(E_2) = 0.15 \)- \(