The home values are expected to decrease by 2% each year for the next ten years. Identify the appropriate multiplier.
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Answer:
The expected total amount of time in minutes the operator will spend on the calls each day is of 210 minutes.
Step-by-step explanation:
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the z-score 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 p-value, we get the probability that the value of the measure is greater than X.
n-values of a normal variable:
For the sum of a sample of n values, the mean is of and the standard deviation is of
Average 2.8 minutes
This means that
75 calls each day.
This means that
What is the expected total amount of time in minutes the operator will spend on the calls each day?
The expected total amount of time in minutes the operator will spend on the calls each day is of 210 minutes.