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The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in...

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Basic Math

The budgeting process for a midwestern college resulted inexpense forecasts for the coming year (in $ millions) of $9, $10,$11, $12, and $13. Because the actual expenses are unknown, thefollowing respective probabilities are assigned: 0.29, 0.17, 0.25,0.07, and 0.22.

  1. Show the probability distribution for the expenseforecast.
    xf(x)
    9
    10
    11
    12
    13

  2. What is the expected value of the expense forecast for thecoming year (to 2 decimals)?

  3. What is the variance of the expense forecast for the comingyear (to 2 decimals)?

  4. If income projections for the year are estimated at $12million, how much profit does the college expect to make (reportyour answer in millions of dollars, to 2 decimals)?

Answer & Explanation Solved by verified expert
4.4 Ratings (797 Votes)
a The probability of expense being 9 millions is 029 10 is017 11 is 025 12 is 007 and 13 is 022Hence theprobability distribution    See Answer
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