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 panels that fail to approve the proposal" as your random variable.The possible values for the random variable (in ascending order) are:

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