Hi-Plains Design Is Bidding on a Project That Will Earn

Multiple Choice

Hi-Plains Design is bidding on a project that will earn the company at least $650 million.The competitive bidding process will involve presenting the company's proposal to three successive review panels at the client company, all of which must approve the proposal for Hi-Plains bid to be successful.If the proposal is approved by the first panel, Hi-Plains will present the proposal to the next panel.If it is approved there, Hi-Plains will present the proposal to the third panel.Hi-Plains estimates that its proposal has a 40% chance of approval at each of the stages.Define "number of review panel approvals" as your random variable.The possible values for the random variable (in ascending order) are:

A) 1,2,3
B) 1,2,3,4
C) 0,1,2
D) 2,3,4
E) 0,1,2,3