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%
