Suppose a certain type of small data processing firm is so specialized that some have difficulty making a profit in their first year of operation. The probability density function that characterizes the proportion Y that make a profit is given by f(y) = ky4(1 − y)

3, 0 ≤ y ≤ 1, 0, elsewhere.

(a) What is the value of k that renders the above a valid density function?

(b) Find the probability that at most 50% of the firms make a profit in the first year.

(c) Find the probability that at least 80% of the firms make a profit in the first year.