Answer:
Probability = 0.00621
Step-by-step explanation:
We are given;
Population mean; μ = 400
Population standard deviation; σ = 20
Raw score; x¯ = 450
the probability that the actual costs will exceed the budgeted amount will be the p-value.
Thus, let's first find the z-score after which we will find the p-value.
z = (x¯ - μ)/σ
z = (450 - 400)/20
z = 50/20
z = 2.5
From online p-value from z-score calculator attached, using z = 2.5; one tailed hypothesis; significance level of 0.05, we have;
P-value = 0.00621
