Question 955661: A company management team knows that, in a given quarter, the mean of earnings of firms in their industry is $200,000 with an industry standard deviation of $80,000. Assume a normal distribution. What is the probability that a company makes more than $300,000? Round your answer to 2 decimal places.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A company management team knows that, in a given quarter, the mean of earnings of firms in their industry is $200,000 with an industry standard deviation of $80,000. Assume a normal distribution. What is the probability that a company makes more than $300,000?
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z(300000) = (300000-200000)/80000 = 100/80 = 5/4
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P(x > 300000) = P(z > 5/4) = normalcdf(5/4,100) = 0.1057
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Cheers,
Stan H.
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