For a Cinco de Mayo party, Kwan is placing sets of chips and salsa throughout the house. He has 12 bags of chips and 15 jars of
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Answer:
The minimum value of the bill that is greater than 95% of the bills is $37.87.
Step-by-step explanation:
When the distribution is normal, we use 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.
In this question, we have that:
What are the minimum value of the bill that is greater than 95% of the bills?
This is the 95th percentile, which is X when Z has a pvalue of 0.95. So X when Z = 1.645.
The minimum value of the bill that is greater than 95% of the bills is $37.87.