Problem
Over the last 10 years, the hurdle or discount rate for projects from the firm's research and development division has been 10% twice, 15% three times, and 20% the rest of the time. There is no recognizable pattern. Calculate the probability distribution for next year's discount rate.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.