On october 15, 2017, the board of directors of ensor materials corporation approved a stock option plan for key executives. on january 1, 2018, 28 million stock options were granted, exercisable for 28 million shares of ensor's $1 par common stock. the options are exercisable between january 1, 2021, and december 31, 2023, at 80% of the quoted market price on january 1, 2018, which was $15. the fair value of the 28 million options, estimated by an appropriate option pricing model, is $6 per option. ensor chooses the option to recognize forfeitures only when they occur. ten percent (2.8 million) of the options were forfeited when an executive resigned in 2019. all other options were exercised on july 12, 2022, when the stock's price jumped unexpectedly to $27 per share.

High school seniors with strong academic records apply to the nation’s most selective colleges in greater numbers each year. because the number of slots remains relatively stable, some colleges reject more early applicants. suppose that for a recent admissions class, an ivy league college received 2851 applications for early admission. of this group, it admitted 1033 students early, rejected 854 outright, and deferred 964 to the regular admission pool for further consideration. in the past, this school has admitted 18% of the deferred early admission applicants during the regular admission process. counting the students admitted early and the students admitted during the regular admission process, the total class size was 2375. let e, r, and d represent the events that a student who applies for early admission is admitted early, rejected outright, or deferred to the regular admissions pool.suppose a student applies for early admission. what is the probability that the student will be admitted for early admission or be deferred and later admitted during the regular admission process?