Strom Construction made a bid on two contracts. The owner identified the possible outcomes and subjectively assigned the following probabilities.

Experimental Outcome Obtain Contract 1 Obtain Contract 2 Probability

1 Yes Yes 0.15

2 Yes No 0.15

3 No Yes 0.30

4 No No 0.25

Are these valid probability assignments? Why or why not? If not, what would have to be done to make the probability assignments valid? The input in the box below will not be graded, but may be reviewed and considered by your instructor.