Answer:
Just Between Friends
The percentage of consignors who receive a check for more than $370 is:
= 16%.
Step-by-step explanation:
Mean of consignor check, μ = $480
Standard deviation, σ = $110
Value of check received, x > $370
Solution: find the z-score to determine the percentage of consignors who receive a check for more than $370:
z = (x-μ)/σ
z= ($370 - $480)/$110
z = -$110/$110
z = -1.00
Percentage of consignors who receive a check for more than $370
= 0.15866
= 0.16
= 16%
Given:
mean = 64
standard deviation = 6
sample size = 50
Standard error of the sample mean = standard deviation / √sample size
Standard error = 6 / √50 = 6/7.07 =<span> 0.85</span>
