Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.01 and ² = 0.07 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) months² months variance 2.72 standard deviation 1.65 x X (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) 0.0217 X (c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) 0.6942 X

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