They were tasked with evaluating performance a Fund Manager: Tara Maya for a contract for next 5 years. Based on historical data they found that 70% of times this fund manager able to exceed your target. Do the following things: a. Calculate the probability that for the next contract, this fund manager can beat the target at least 3 annual reviews. Will they extend the contract? Why? b. They obtain new information that the chief investment officer of Tara Maya will be replaced by a person that less qualified hence they think that the probability of beating the target in any given year should drop to 0.4. Recalculate the answer in point a. Will they extend the contract? Why?