2. The Arc Electronic Company had an income of 116 million dollars last year. Su

Question

2.

The Arc Electronic Company had an income of 116 million dollars last year. Suppose the mean income of firms in the same industry as Arc for a year is 100 million dollars with a standard deviation of 11 million dollars. If incomes for this industry are distributed normally, what is the probability that a randomly selected firm will earn less than Arc did last year? Round your answer to four decimal places Answer 2 Points Keypad f you would like to look up the value in a table, to view, then either use the arrow keys to find the appropriate cell in the table and select it using the Space key. select the table you want to view, then either click the cell at the intersection of the row and column or Normal Table- to-z Normal Table-to z

Explanation / Answer

1.

Z1 = (116-100)/11 = 1.45

P (Z < Z1 ) = 0.9271

2.

Z1 = (151-147)/5 = 0.8

Z2 = (155-147)/5 = 1.6

P (Z1 < Z < Z2 ) = 0.9452 - 0.7881 = 0.1571

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