According to the accounting association, 30% of all CPA financial advisors have an average client size between $250,000 and $500,000. 37% percent have an average client size between $500,000 and $1 million. Suppose a complete list of all CPA financial advisors is available and 16 are randomly selected from that list. Required:
a. What is the expected number of CPA financial advisors that have an average client size between $500,000 and $1 million?
b. What is the variance number with an average client size between $250,000 and $500,000?