Problem
Over the last 10 years, the hurdle or discount rate for projects from the Advanced Materials Division of Spartech has been 15% three times, 25% twice, and 20% the rest of the time. There is no recognizable pattern. What is the probability distribution and the expected value 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.