I NEED QUESTION "D' ANSWERED. The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: 0.3, 0.2, 0.25, 0.05, and 0.2. (a) Show the probability distribution for the expense forecast. x f(x) 9   10   11   12   13

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I NEED QUESTION "D' ANSWERED. The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: 0.3, 0.2, 0.25, 0.05, and 0.2.
(a) Show the probability distribution for the expense forecast.
x
f(x)
9  
10  
11  
12  
13  
(b) What is the expected value (in $ millions) of the expense forecast for the coming year?
$____________million
 
(c) 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. With this estimate, the college can expect a profit (in $ million) of $_______________ million. From the assigned probability, there is chance that expenses will equal $13 million causing the college to run a deficit profit  .
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