Exhibit: CFA Candidates.

Thirty three percent of the CFA candidates have a degree ineconomics (CFA refers to the Chartered Financial Analyst, aprofessional designation that measures the competence of financialanalysts).Suppose we select a random sample of 8 CFA candidates anddefine a random variable x which is the numberof CFA candidates with economics degree.

1.

Suppose, you obtained the following probability distribution forthe random variable x:

x	P(x)
0	0.041
1	0.160
2	0.276
3	0.272
4	0.167
5	0.066
6	0.016
7	0.002
8	0.000

What is the probability that at least 5 CFA candidates in thesample have a degree in economics? (Do not round your answer)

2.

Suppose, you obtained the following probability distribution forthe random variable x:

x	P(x)
0	0.041
1	0.160
2	0.276
3	0.272
4	0.167
5	0.066
6	0.016
7	0.002
8	0.000

What is the probability that less than 3 CFA candidates in thesample have a degree in economics? (Do not round your answer)

3. What is the expected number of CFA candidateswho have a degree in economics? (Do not round youranswer. Depending on which approach you take to calculate theexpected value, shortcut or general formula, the answers mayslightly differ because of rounding. Either solution will beaccommodated in this question.)

4. What is the variance in the number of CFA candidateswith economics degree? (Do not round your answer.Depending on which approach you take to calculate the variance,shortcut or general formula, the answers may slightly differbecause of rounding. Either solution will be accommodated inthis question.)

5. What is the the probability distribution of the randomvariable x? (a. Bernoulli, b. Binomial, c. could beany discrete probability distribution because the number if Econdegrees has to be a whole number, d. could be any probabilitydistributions. the info is too limited to say exactly)

6. The random variable X can take (a. any integer value greaterthan or equal to 0, b, any integer value between andincluding 1 and 8, c. any integer value between and including0 and 8, d. any value between and including 0 and 8)