The following probability model describes the number of snowstorms for Washington, D.C. for a given year: 
The probability of 7 or more snowstorms in a year is 0.
a. What is the probability of more than 2 but less than 5 snowstorms?
b. Given this a particularly cold year (in which 2 snowstorms have already been observed), what is the conditional probability that 4 or more snowstorms will be observed?
c. If at the beginning of winter there is a snowfall, what is the probability of at least one more snowstorm before winter is over?
Definitions:
Market Value
The present rate at which a service or asset is available for sale or purchase in the open market.
Liquid Market
A market with a high level of trading activity, where assets can be bought or sold quickly without causing a significant change in their price.
Investment Banks
Financial institutions that assist individuals, corporations, and governments in raising capital by underwriting and acting as the agent in the issuance of securities.
Commercial Banks
Financial institutions that provide loans, accept deposits, and offer basic financial products like savings accounts to the public.
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