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New legislation passed in 2017 by the U.S. Congress changed tax laws that affect how many...

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Basic Math

New legislation passed in 2017 by the U.S. Congress changed taxlaws that affect how many people file their taxes in 2018 andbeyond. These tax law changes will likely lead many people to seektax advice from their accountants (The New York Times). Backen andHayes LLC is an accounting firm in New York state. The accountingfirms believe that it may have to hire additional accountants toassist with the increased demand in tax advice for the upcoming taxseason. Backen and Hayes LLC has developed the followingprobability distribution for x= number of new clients seeking taxadvice.

xf(x)
20.05
25.20
30.25
35.15
40.15
45.10
50.10

a. Is this a valid probability distribution? Explain.

b. What is the probability that Backens and Hayes LLC willobtain 40 or more new clients?

c. What is the probability that Backens and Hayes LLC willobtain fewer than 35 new clients?

d. Compute the expected value, variance, and standard deviationof x.

Answer & Explanation Solved by verified expert
4.3 Ratings (761 Votes)
a Is this a valid probability distribution Explain Answer Yes this is a valid probability    See Answer
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