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## Suppose the mean income of firms in the industry for a year is 95 million dollars with a standard deviation of 11 million dollars. If income

Question

Suppose the mean income of firms in the industry for a year is 95 million dollars with a standard deviation of 11 million dollars. If incomes for the industry are distributed normally, what is the probability that a randomly selected firm will earn less than 114 million dollars

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Mathematics
3 years
2021-07-28T11:59:14+00:00
2021-07-28T11:59:14+00:00 1 Answers
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## Answers ( )

Answer:95.73%

Step-by-step explanation:Given data:

mean μ= 95

standard deviation, σ = 11

to calculate, the probability that a randomly selected firm will earn less than 114 million dollars;

Use normal distribution formula

Substitute the required values in the above equation;

Therefore, the probability that a randomly selected firm will earn less than 114 million dollars = 95.73%