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The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: 0.2, 0.3, 0.25, 0.05, and 0.2. (a) Show the probability distribution for the expense forecast. X f(x) O (b) What is the expected value (in $ millions) of the expense forecast for the coming year? million (c) What is the variance of the expense forecast for the coming year? (d) If income projections for the year are estimated at $12 million, comment on the financial position of the college. With this estimate, the college can expect a profit (in $ million) of $ million. From the assigned probability, there is chance that expenses will equal $13 million causing the college to run a ---Select--. v