Daily demand for a product is normally distributed with a mean of 115 and a standard deviation of 12. Assume that sales occur over 300 days per year. Find the order quantity for 95.053% probability of not stocking out during lead time. Lead time is 8 days, the cost of placing an order is $25, and annual holding cost is $1.00 per unit.

Consider the following information on stocks a, b, c and their returns (in decimals) in each state: state prob. of state a b c boom 20% 0.27 0.22 0.16 good 45% 0.16 0.09 0.07 poor 25% 0.03 0 0.03 bust 10% -0.08 -0.04 -0.02 if your portfolio is invested 25% in a, 40% in b, and 35% in c, what is the standard deviation of the portfolio in percent? answer to two decimals, carry intermediate calcs. to at least four decimals.