Question

A producer has a history of making bad movies. The movies he has produced have averaged $170 thousands of dollars at the box office with a standard deviation of $450 thousands of dollars. He thinks his latest movie will be a huge hit. How much will the movie earn at the box office if it is only expected to earn that much or more 10% of the time? (Assume that the profit at the box office is normally distributed.)

(No excel work)

Answer 1

Given in the question, equal to mean or more 10%
This means we need to find out the x corresponding to p=0.5 to p=0.6
x corresponding to p=0.5 will be same as aerage value, i.e 170

It will earn roughly around $170k to $284