Question: A manager has forecast the budget for a particular department to be $1,250,000. Based on past data, deviations from the budget are known to follow

A manager has forecast the budget for a particular department to be $1,250,000. Based on past data, deviations from the budget are known to follow a Normal probability distribution with a mean of 0% and a standard deviation of 5%.

a. There is a 95% chance that expenditures will be between what two values?

b. What is the probability that expenditures will be greater than $1.32 million?

c. What is the probability that expenditures will be greater than $1.4 million?

d. There is a 75% chance that expenditures will be less than what value?

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