Answer:
0.998 is the probability that the average money spent by a sample of 40 shoppers is within $10 of the actual population mean.
Step-by-step explanation:
We are given the following information in the question:
Standard Deviation, σ = $21.51
We are given that the distribution of average money spend is a bell shaped distribution that is a normal distribution.
Formula:
We have to find:
P( average money spent is within $10 of the actual population mean.)
Calculation the value from standard normal z table, we have,
You can just do the inverse operation. 39 divied by 10 = 3.9
so 3.9 *10 =39
hope it helped
Answer:
the slope is 3/5
Step-by-step explanation:
and if you want the y intercept it's 4
Answer:
A) The annual multiplier was 1.0339; the annual increase was 0.0339 of the value.
B) 3.39% per year
C) $182,000
Step-by-step explanation:
A) Let's let t represent years since 1987. Then we can fill in the numbers and solve for r.
165000 = 100000(1 +r)^15
1.65^(1/15) = 1 +r . . . . . divide by 100,000; take the 15th root
1.03394855265 -1 = r ≈ 0.0339
The value was multiplied by about 1.0339 each year.
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B) The value increased by about 3.39% per year.
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C) S = $100,000(1.03394855265)^18 ≈ $182,000
