The optimal operating temperature of a given car engine is within 10°F of 190°F. Write an absolute value
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Answer:
Then we can find the probability of interest with this difference:
And using the normal standard distribution or excel we got:
So then the probability that the sample mean would differ from the true mean by less than 28 dollars from the sample of 55 is approximately 0.390
Step-by-step explanation:
We define the variable of interest as the per capita income and we know the following properties for this variable:
and
We want to find this probability:
We select a sample size of n=55 and we define the z score formula given by:
We can find the z score then for 20880 and 20936 and we got:
Then we can find the probability of interest with this difference:
And using the normal standard distribution or excel we got:
So then the probability that the sample mean would differ from the true mean by less than 28 dollars from the sample of 55 is approximately 0.390
The formula to find markup amount
A new car has a sticker price of $22,150, while the invoice price paid on it was $18,780.
Original price of new car = $18,780
Sticker price of new car = 22,150
Change in price = 22,150 - 18,780 = 3370
Markup =
=
= 0.179446
Markup percentage = 0.179446 * 100 = 17.94%