What is the APY for 6.5% compounded daily
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Answer:
The probability that on a given day below 6,214,323 drinks are sold is 0.8413.
Step-by-step explanation:
The provided information are:
Population mean = 6,205,195
Population standard deviation = 9,120.32
Consider, <em>X</em> be the random variable that represents the number of drinks that are sold on a given that is normally distributed with the mean = 6,205,195 and standard deviation = 9,120.32.
The probability that on a given day below 6,214,323 drinks are sold can be calculated as:
It must be noted that <em>P</em>(<em>Z</em> < 1.0008) = 0.8413 has been calculated using the standard normal table.
Hence, the required probability is 0.8413.