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, 0.25, 0.2, 0.2, and 0.05. (a) Show the probability distribution for the expense forecast. f(x) 9 0.3 10 0.25 11 0.2 12 0.2 13 0.05 (b) What is the expected value (in $ millions) of the expense forecast for the coming year? $ 10.45 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 $ 1.55 million causing the college to run a deficit million. From the assigned probability, there is chance that expenses will equal $13

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, 0.25, 0.2, 0.2, and 0.05. (a) Show the probability distribution for the expense forecast. f(x) 9 0.3 10 0.25 11 0.2 12 0.2 13 0.05 (b) What is the expected value (in $ millions) of the expense forecast for the coming year? $ 10.45 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 $ 1.55 million causing the college to run a deficit million. From the assigned probability, there is chance that expenses will equal $13

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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