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A company is bidding on three contracts with values of $20 million, $80 million and $50 million with corresponding win probabilities of ½ ¼ and ¾.

a) Determine and plot the probability mass function and probability distribution function of the contract award amount (in millions of dollars).

b) What is the probability of being awarded at least $100 million?

c) What is the mean, variance & standard deviation of contract award amount (in millions of dollars)?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9373502

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