In the study of a storage dam design, it is assumed that
quantities can be measured sufficiently accurately in units of ¼ of
the dam’s capacity. It is known from past studies that at the
beginning of the first (fiscal) year the dam will be either full, ¾
full, ½ full, or ¼ full, with probabilities 1/3, 1/3, 1/6, and 1/6,
respectively. During each year water is released. The amount
released is ½ the capacity if at least this much...