New legislation passed in 2017 by the U.S. Congress changed tax laws that affect how many people file their taxes in 201

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New Legislation Passed In 2017 By The U S Congress Changed Tax Laws That Affect How Many People File Their Taxes In 201 1 (67.11 KiB) Viewed 92 times

New legislation passed in 2017 by the U.S. Congress changed tax laws that affect how many people file their taxes in 2018 and beyond. These tax law changes will likely lead many people to seek tax advice from their accountants. An accounting firm in New York state believes that it may have to hire additional accountants to assist with the increased demand in tax advice for the upcoming tax season. The firm has developed the following probability distribution for x = number of new clients seeking tax advice. х 20 25 30 35 f(x) 0.1 0.15 0.35 0.15 0.1 0.1 0.05 40 45 50 (a) Is this a valid probability distribution? Explain. (b) What is the probability that the firm will obtain 40 or more new clients? (c) What is the probability that the firm will obtain fewer than 35 new clients? (d) Compute the expected value, variance, and standard deviation of x. (Round your answers to four decimal places.)