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The Manager of an Accounting Firm believes that total profit

Customer Question

The Manager of an Accounting Firm believes that total profit of the firm next year can be modeled by using a normal distribution, with a mean of $870,000 and a standard deviation of $150,000. (a) What is the probability that the firm’s total profit will exceed $1,210,000? (b) What is the probability that the firm’s profit will fall to within $270,000 of the expected level of profit (ie. mean profit)? (c) In order to cover fixed costs, the firm’s profit must exceed the break-even level of profit of $950,000. What is the probability that profit will exceed this break-even level? (d) Determine the profit level that has only 8% chance of being exceeded next year.

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