Patrick invested money into a special savers bank account. Each year money in the account earns 4% interest. After one year, the
total amount of money in the account was €291.20 How much did Patrick invest?
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2 answers:
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Answer:
58.32% probability that a randomly selected application will report a GMAT score of less than 600
93.51% probability that a sample of 50 randomly selected applications will report an average GMAT score of less than 600
98.38% probability that a sample of 100 randomly selected applications will report an average GMAT score of less than 600
Step-by-step explanation:
To solve this question, we need to understand the normal probability distribution and the central limit theorem.
Normal probability distribution
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.
Central Limit Theorem
The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.
In this problem, we have that:
What is the probability that a randomly selected application will report a GMAT score of less than 600?
This is the pvalue of Z when X = 600. So
has a pvalue of 0.5832
58.32% probability that a randomly selected application will report a GMAT score of less than 600
What is the probability that a sample of 50 randomly selected applications will report an average GMAT score of less than 600?
Now we have
This is the pvalue of Z when X = 600. So
has a pvalue of 0.9351
93.51% probability that a sample of 50 randomly selected applications will report an average GMAT score of less than 600
What is the probability that a sample of 100 randomly selected applications will report an average GMAT score of less than 600?
Now we have
has a pvalue of 0.9838
98.38% probability that a sample of 100 randomly selected applications will report an average GMAT score of less than 600