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Can you please solve this statistics problem with a breakdown of the math used. Thank you! A marketing manager of a leading firm believes that
Can you please solve this statistics problem with a breakdown of the math used. Thank you!
A marketing manager of a leading firm believes that total sales for the firm next year can be modelled by using a normal distribution, with a mean of $2.5 million and a standard deviation of $300000
- What is the probability that the firm's sales will exceed $3 million?
- In order to cover fixed costs, the firm's sales must exceed the breakeven level of $1.8 million. What is the probability that sales will exceed the break-even level?
- Determine the sales level that has only a 9% chance of being exceeded next year.
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