Question

Suppose you know that the prices paid for cars are normally distributed with a MEAN or $17,000 and a STANDARD DEVIATION of $500. Use the EMPIRICAL RULE to find the percentage of buyers who paid

Answer 1

Complete question :

Suppose you know that the prices paid for cars are normally distributed with a MEAN or $17,000 and a STANDARD DEVIATION of $500. Use the EMPIRICAL RULE to find the percentage of buyers who paid between 15500 and 17000

Answer:

49.85%

Step-by-step explanation:

Mean = 17000

Standard deviation = 500

Obtain the Z score, which is the number of standard deviations from the mean :

((17000 - 17000) / 500) = 0

((15500 - 17000) / 500) = - 3

-3 to 3 = (3 standard deviations)

However,

The value here is (-3 to 0) ; which is only 3 standard deviations to the left.

3 standard deviation = 99.7% (empirical rule)

Since it is only (-3 to 0) ; which is only 3 standard deviations to the left. ; the percentage will be halved

99.7% / 2 = 49.85%

Hence, percentage of buyers who paid between 15500 and 17000 is 49.85%