16% percent of the students paid MORE than Jane.
The mean(μ) of money spent on textbooks is 500
The standard deviation(σ) of money spent on textbooks is 50
Money paid by Jane for her books is $550
We will use this formula,
Ζ=x-μ/σ
To find: the percentage of students paid MORE than Jane for the textbooks
=?
Solution:
≤
=Ζ≤
=1-P(Ζ≤ 1)
=1-0.8413
=0.1587
≈16%
Therefore, 16% percent (approx) of the students paid MORE than Jane.
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