A firm's marketing manager thinks that total sales for firm next year can be modeled by using normal distribution with mean 2.5 million and a standard deviation of $300,000.
(a) Determine the probability that the firm's sales will exceed 3 million?
(b) Determine the probability that the firm's sales will fall within $150,000 of the expected level of sales?
(c) In order to cover fixed costs, the firm's sales should exceed the break-event level of 1.8 million. Determine the probability that sales will exceed the break-even level?
(d) Find out the sales level that has only a 9% of being exceeded next year.