TABLE 6-5 a Company Producing Orange Juice Buys All Its Oranges from Oranges

question 188

Short Answer

TABLE 6-5
A company producing orange juice buys all its oranges from a large orange orchard. The amount of juice that can be squeezed from each of these oranges is approximately normally distributed with a mean of 4.7 ounces and some unknown standard deviation. The company's production manager knows that the probability is 30.85% that a randomly selected orange will contain less than 4.5 ounces of juice. Also the probability is 10.56% that a randomly selected orange will contain more than 5.2 ounces of juice. Answer the following questions without the help of a calculator, statistical software or statistical table.
-Referring to Table 6-5, what is the probability that a randomly selected orange will contain more than 4.2 ounces of juices?

---

Definitions:

Firm Commitment Offers

A type of underwriting agreement where the underwriter buys the entire issue of securities from the issuer and sells them to investors at a profit.

Best Efforts

An agreement stipulating that an underwriter will do their best to sell as much of an offering as possible, without guaranteeing the entire sale.

Lawsuits Against Underwriters

Legal actions taken against financial institutions or individuals responsible for underwriting securities, often related to allegations of misrepresentation or failure to meet regulatory requirements.