Your friend says your car is worth about 50 dollars. Your friend is using money as a
2 answers:
Answer:
Measure of value
Explanation:
Measure of value: It is the function of money that help in differentiating the value of different goods and services. Money is used as unit of value. In today´s world, most common exchange mode we use is money, therefore we use money value to measure the value of any object.
Following formula we use to measure value of goods.
Value=
Value is also derived by benefit we earn after investing some money to it.
In the given case, Friend have used the value of money to define the worth of Car.
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Answer:
x1 = 4891.294
Explanation:
given data
mean μ = $5,793
standard deviation σ = $439
solution
we know here that
P(x < x1 ) = 0.02 .................1
so
so
= invNorm(0.02)
so
x1 = μ + σ × invNorm(0.02) .....................2
we use here table for invNorm(0.02) and put value in eq 2
x1 = 5793 + 439 × (-2.054 )
x1 = 4891.294