Can I do this? Divide the terms inside $ (\frac {(m-a)^2}{2b} + d)^N $ by $d$?

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For part $d)$ of this question I began with the equation in part c and divided all terms within the bracket by $d$. I then used the substitution $d = \frac {c}{E[r]}$ and arrived at the stated answer. My question is, is this a valid operation?

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