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10- Over the last 12 years, the hurdle or discount rate for projects from the firm's research and development division has been 15% three times,
10- Over the last 12 years, the hurdle or discount rate for projects from the firm's research and development division has been 15% three times, 18% 9 five times, and 23% the rest of the time. There is no recognizable pattern. Calculate the probability distribution for next year's discount rate
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