A car dealer buys a car for $500, and then sells it for $640. What
2 answers:
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Answer:
4.55% probability that a randomly selected individual will take less than 5 minutes to select a shoe purchase.
Since Z > -2 and Z < 2, this outcome is not considered unusual.
Step-by-step explanation:
Problems of normally distributed samples are solved using 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.
If or
, the outcome X is considered to be unusual.
In this question:
Find the probability that a randomly selected individual will take less than 5 minutes to select a shoe purchase.
This is the pvalue of Z when X = 5. So
has a pvalue of 0.0455.
4.55% probability that a randomly selected individual will take less than 5 minutes to select a shoe purchase.
Since Z > -2 and Z < 2, this outcome is not considered unusual.