Answer the following questions..

a} bi Steye Goodman, production foreman for the Florida Gold Fruit Company, estimates that the ayerage sale of oranges is 4,?00 and the standard deyiation is 500 oranges. Sales follow a normal distribution. 1) What is the probability that sales will be greater than 5,500 oranges? 2} What is the probability that sales will be less than 4,500 oranges? Nite Time Inn has a toll-free telephone number so that customers can call at any time to make a reservation. A typical call takes about 4 minutes to complete. and the time required follows an exponential distribution. Find the probability that a call takes 1) 3 minutes or less. 2) longer than 5 minutes. A financial advisor has recommended two possible mutual funds for investment: Fund A and Fund B. The return that will be achieved by each of these depends on whether the economy is good, fair, or poor. A payoff table has been constructed to illustrate this situation: State of Nature Investment Good Economy Fair Economy Poor Economy Fund A $10,000 $2,000 - $5,000 Fund B $6,000 $4,000 0 Probability 0.2 0.3 0.5 a) What decision model should be used? b) Perform the necessary calculations to determine which of the two mutual funds is better. Which one should you choose to maximize the expected value? c) Suppose there is a question about the return of Fund A in a good economy. It could be higher or lower than $10,000. What value for this would cause a person to be indifferent between Fund A and Fund B (i.e., the EMVs would be the same)