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Answer:
0.015 = 1.5% of BMW dealers are pricing the BMW 3 Series Coupe 335i at more than the average price ($44,520) for a Mercedes CLK350 Coupe
Step-by-step explanation:
When the distribution is normal, we use the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this question, we have that:
What percentage of BMW dealers are pricing the BMW 3 Series Coupe 335i at more than the average price ($44,520) for a Mercedes CLK350 Coupe?
This is 1 subtracted by the pvalue of Z when X = 44520. So
has a pvalue of 0.985
1 - 0.985 = 0.015
0.015 = 1.5% of BMW dealers are pricing the BMW 3 Series Coupe 335i at more than the average price ($44,520) for a Mercedes CLK350 Coupe