A firm seeks to receive a return of 12% on an investment of $100,000. If potential profits are normally distributed with a mean of $10,000 and a standard deviation of $3,000. What is the probability that the desired return of at least 12% will be achieved.
If you were in charge of this, would you recommend to management that they proceed with the project? Why or why not?
Show all of your work, and explain the process of achieving your answer.