Question: The monthly sales of mufflers follow the normal distribution with a mean of 1200 and a standard deviation of 225. The manufacturer would like to establish inventory levels such that there is only a 5 percent chance of running out of stock. Where should the manufacturer set the inventory levels?
Question: Assume a binomial probability distribution with n = 40 and p = .55. Compute the following:
a) The mean and standard deviation of the random variable.
b) The probability that X is 25 or more.
c) The probability that X is 15 or less.
d) The probability that X is between 15 and 25 inclusive.