Best information regarding the cost of a research project

Reference no: EM13319831

The best information regarding the cost of a research project is that it is normally distributed with a mean of $50,000 and a standard deviation of $5,000. The available funds are limited to $60,000. What is the probability that the project costs

a. Will not exceed the available funds?

b. Will be between $40,000 and $55,000?

c. Will be more than $45,000?

What is the cost which

d. Will not be exceeded more than 15% of the time?

e. Will be exceeded 95% of the time?

Reference no: EM13319831

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