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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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