Minh wants to buy a car costing $9,950. She can put $1,000 down and finance the rest at 10.9% APR, making the monthly payments f
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Answer:
The number of standard deviations from $1,158 to $1,360 is 1.68.
Step-by-step explanation:
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.
In this problem, we have that:
The number of standard deviations from $1,158 to $1,360 is:
This is Z when X = 1360. So
The number of standard deviations from $1,158 to $1,360 is 1.68.