Question

A reputable weather service issues precipitation forecasts that indicate the likelihood of measurable precipitation at a specific point during a given time period. Suppose that if a measurable amount of rain falls during the next 24 hours, a river will reach flood stage and a business will incur damages of $150,000. The weather service has indicated that there is a 35% chance of a measurable amount of rain during the next 24 hours. Complete parts a and b below. a. Construct the probability distribution that describes the potential flood damages. Sample Point Measurable amount of rain Not a measureable amount of rain Loss, x p(x) (Type integers or decimals. Do not round.)