Question: 0-1) Chapter 5 #61 - Expense Forecasts. The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in 5 millions)

0-1) Chapter 5 #61 - Expense Forecasts. The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in 5 millions) of 9, 510, 511, 512, and 513. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2. a. Show the probability distribution for the expense forecast. b. What is the expected value of the expense forecast for the coming year? c. What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at 512 million, comment on the financial position of the college

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