1).  The budgeting process for a southeastern college resulted in expense forecasts for the coming year     (in $millions) of $13, $14, $15, $16, and $17.  Because the actual expenses are unknown, the following respective probabilities are assigned:  .21, .08, .27, .33, and .11. 

             a).  Show the probability distribution for the expense forecast.

            b).  What is the expected value of the expenses for the coming year?

            c).  What is the probability that the expenses for the coming year is at least $14 million?

            d).  What is the probability that the expenses for the coming year is more than $15 million?

            e).   If income projections for the year are estimated at $15 million, comment on the financial                           position of the college.

2).  Worldwide golf ball sales in 2014 totaled an estimated 765 million golf balls worth $870 million.  One reason for such a large number of golf ball purchases is that golfers lose them at the rate of 4.2 per 18-hole round.                                                                                                                   

a).  What is the probability that zero balls will be lost in an 18-hole round?

b).  What is the probability that less than 3 balls will be lost in an 18-hole round?

c).  What is the probability that at least 7 balls will be lost in a 36-hole round?

d).  What is the probability that 10 balls will be lost in a 72-hole round?

3).  Ericsson Airlines has a central office that takes reservations for all flights flown by the airline.  The calls received during any week have a median of 12,000 and a standard deviation of 2,500.        

            a).  During what percentage of the weeks does the airline receive more than 10,500 phone calls?

            b).  During what percentage of the weeks does it receive more than 13,800 calls?

            c).  During what percentage of the weeks does it receive between 12,600 and 13,400 calls?

d).  During what percentage of the weeks does the airline receive less than 12,800 or more than 15,600 calls?

e).  The lower 20% of phone calls are less than what number of phone calls during a week?

4).  A company is going to release four quarterly reports this year.  Suppose the company has a 32% chance of beating analyst expectations each quarter.                                                       

            a).  What is the probability that the company beats analyst expectations every quarter of this year?

            b).  What is the probability the company beats analyst expectations more than half the time this year?

            c).  What is the expected number of times the company will beat analyst expectations this year?  How much is this expected to vary?

            d).  What is the probability the company will not beat analyst expectations for exactly two quarters?

5).  Let x be the larger outcome in a function where a question is asked about how much money a person spent on their new car (in $thousands).                                                                

f(x) = (x2 – 1)/658, where x = 2, 5, 8, 10, 13, 17

            a).  Show the probability distribution for the expense forecast.

            b).  What is the average doEssay,Engineering,,

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