1) The time it takes to fix an equipment failure is uniformly distributed between 3 and 7.5 hours. What is the probability that a failure takes less than 4.5 hours to fix?
2) Historical analysis estimates that the severity/cost of any given operational loss is distributed normal with mean $50,000 and standard deviation $4,000 (loss~N[50000,4000]). What is the probability that a given loss severity will be between $45,000 and $48,000