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Howard is in the 33% tax bracket, so his after-tax profit is 67% of his before-tax profit. He invests $10,000 in a certain stock, whose

Howard is in the 33% tax bracket, so his after-tax profit is 67% of his before-tax profit. He invests $10,000 in a certain stock, whose annual return is normally distributed with mean 5% and standard deviation 14%. Calculate the probability that Howard pays at least 400$ tax Calculate the probability that he pays no tax at all Calculate the dollar amount such that Howard's after-tax profit is 90% certain to be less than this amount; that is, calculate the 90th percentile of his after-tax profit

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