The Manager of Mining Company believes that total profit of the firm next year can be modelled using a normal distribution. If the mean profit is $1,250,000 and a standard deviation is $250,000.

**(a) What is the probability that the firm's total profit will exceed $1,400,000?**

**(b) What is the probability that the firm's profit will fall to within $150,000 of the expected level of profit (i.e. mean profit)? **

**(c) In order to cover fixed costs, the firm's profit must exceed the break-even level of profit of $1,050,000. What is the probability that profit will exceed this break-even level? **

**(d) Determine the profit level that has only 15% chance of being exceeded next year. **

#### Top Answer

Hello on the explanation section below find a... View the full answer