A study found that consumers spend an average of $23 per week in cash without being...
A study found that consumers spend an average of $23 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $6
a. What is the probability that a randomly selected person will spend more than $27?
Homework Answers
This is a normal distribution question with
a) x = 27
P(x > 27.0)=?
z = 0.6667
This implies that
P(x > 27.0) = P(z > 0.6667) = 0.2525
PS: you have to refer z score table to find the final
probabilities.
Please hit thumps up if the answer helped you
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