Laura makes 10.5% commission on each of her sales. How much does she make when she sells a house for 85,000
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We need to work out the z-value of each question to work out the probability
Question a)
We have
X = 5 minutes
The mean, μ = 6.7 minutes
Standard deviation, σ = 2.2 minutes
z-score = (X - μ) / σ = (5 - 6.7) / 2.2 = -0.77
We want to find the probability of z < -0.77 so we read the z-table for the value of z on the left of -0.77 we have the probability P(z< -0.77) = 0.2206
The table is attached in picture 1 below
The probability of assembly time less than 5 minutes is 0.2206 = 22.06%
Question b)
z-score = (10-5) / 2.2 = 2.27
Reading the z-table for P(z<2.27) = 0.9884
The table reading is shown in the second picture below
The probability the assembly time will be less than 10 minutes is 0.9884
We can use this information to find the probability of the assembly time will be more than 10 minutes = 1 - 0.9884 = 0.0116 = 1.16%
Question c)
The value of z between 5 minutes and 10 minutes is
P(-0.77<z<2.27) = P(z<2.27) - P(z< -0.77)
P(-0.77<z<2.27) = 0.9884 - 0.2206 = 0.7678 = 76.78%
Question a)
We have
X = 5 minutes
The mean, μ = 6.7 minutes
Standard deviation, σ = 2.2 minutes
z-score = (X - μ) / σ = (5 - 6.7) / 2.2 = -0.77
We want to find the probability of z < -0.77 so we read the z-table for the value of z on the left of -0.77 we have the probability P(z< -0.77) = 0.2206
The table is attached in picture 1 below
The probability of assembly time less than 5 minutes is 0.2206 = 22.06%
Question b)
z-score = (10-5) / 2.2 = 2.27
Reading the z-table for P(z<2.27) = 0.9884
The table reading is shown in the second picture below
The probability the assembly time will be less than 10 minutes is 0.9884
We can use this information to find the probability of the assembly time will be more than 10 minutes = 1 - 0.9884 = 0.0116 = 1.16%
Question c)
The value of z between 5 minutes and 10 minutes is
P(-0.77<z<2.27) = P(z<2.27) - P(z< -0.77)
P(-0.77<z<2.27) = 0.9884 - 0.2206 = 0.7678 = 76.78%
The effective rate is calculated in the following way:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers: