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MAVERICK [17]
3 years ago
7

18 months is the same as 1.5 years.

Mathematics
1 answer:
creativ13 [48]3 years ago
7 0
One year has 12 months therefore...

18/12 = 1 6/12 = 1 1/2

1 1/2 is equivalent to 1.5

True
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A marine sales dealer Önds that the average price of a previously owned boat is $6492. He decides to sell boats that will appeal
Anuta_ua [19.1K]

Answer:

The maximum price that the dealer will sell is $7471 and the minimum is $5513.

Step-by-step explanation:

Problems of normally distributed samples are solved using the z-score formula.

In a set with mean \mu and standard deviation \sigma, the zscore of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

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.

In this problem, we have that:

\mu = 6492, \sigma = 1025

Middle 66%

50 - (66/2)  = 17th percentile

50 + (66/2) = 83rd percentile

17th percentile

X when Z has a pvalue of 0.17. So X when Z = -0.955.

Z = \frac{X - \mu}{\sigma}

-0.955 = \frac{X - 6492}{1025}

X - 6492 = -0.955*1025

X = 5513

83rd percentile

X when Z has a pvalue of 0.83. So X when Z = 0.955.

Z = \frac{X - \mu}{\sigma}

0.955 = \frac{X - 6492}{1025}

X - 6492 = 0.955*1025

X = 7471

The maximum price that the dealer will sell is $7471 and the minimum is $5513.

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