Question

ubmit Assignment Pause Test 3 Practice ALANA SULLIVAN Question 22 of 25 Step 1 of 1 00:56:30 Suppose the mean income of firms in the industry for a year is 25 million dollars with a standard deviation of 7 million dollars. If incomes for the industry are distributed normally, what is the probability that a randomly selected firm will earn less than 41 million dollars? Round your answer to four decimal places. Answer 2 Points Tables Keypad If you would like to look up the value in a table, select the table you want to view, then either click the cell at the intersection of the row and column or use the arrow keys to find the appropriate cell in the table and select it using the Space key.

Answer 1

Given,

$\mu$ = 25

$\sigma$ =7

Now calculate p(x < 41)

P(x < 41) = 0.5 + P(0 < z < x-$\mu$/$\sigma$​​​​​​)

= 0.5 + P(0 < z< 41-25/7)

= 0.5 + P(0 < z < 2.29)

= 0.5 + 0.4890

P(x < 41) = 0.9890

Therefore probability that selected firm will earn less than 41 million dollar is 0.9899.