Over the last 10 years the hurdle or discount rate for, Microeconomics

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Over the last 10 years the hurdle or discount rate for

Question: 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.

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