1. The price of a share of Kraft stock is normally distributed with mean 33.30 and standard deviation 6.10 What is the probability that on a randomly chosen day in the period for which our assumptions are made, the price of the stock will be more than $40 per share? Less than $30 per share?
2. The amount of oil pumped daily at Standard Oil's facilities in Prudhoe Bay is normally distributed with mean 800,000 barrels and standard deviation 10,000. In determining the amount of oil the company must report as its lower limit of daily production, the company wants to choose an amount such that for 80% of the days, at least the reported amount x is produced. Determine the value of the lower limit x.