98% of the quarters can be expected to see a profit of at least $0.5 million.
What is a standard deviation?
In statistics, the standard deviation is a measure of the amount of variation or dispersion of a set of values. A low standard deviation indicates that the values tend to be close to the mean of the set, while a high standard deviation indicates that the values are spread out over a wider range.
Z score = 0.7-0.5 = 0.2
σ = 0.1
P-value from Z-Table:
P(x<0.5) = 0.97725
≈ 98%
Hence, 98% of the quarters can be expected to see a profit of at least $0.5 million.
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