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Estimates of possible costs for the project

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Harada Construction has just bid on a major commercial project. The bid was based on a normal distribution representing Harada's estimates of possible costs for the project. The distribution is centered on $6.5 million and has a standard deviation of $1.1 million. The company's bid was $8.9 million. According to Harada's estimates, how likely is it that project costs will be less than the bid amount?

Reference no: EM133155254

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