Probability provides a measurable and quantifiable indication of how likely a particular outcome is for an event or experiment. It is expressed as a numeric value between zero and one (inclusive), where an impossible event has a probability of zero and a certain event has a probability of one. Probability is conventionally written using the symbol P, and may be expressed as a percentage by multiplying P. By 100.

br /> The problem at hand related to 1995 gold prices can be set up and solved in the following way, with µ (mu) representing the mean, ? (sigma) the standard deviation, X the target value, and x1 and x2 defining the target value range.

µ = $383; = $12; x1=$394; x2=$399

The probability that the client's gold will be sold the next day is given by:

P (x1