Assuming a normal distribution, if 85 percent of the filings cost less than $151

Question

Assuming a normal distribution, if 85 percent of the filings cost less than $151.00, what is the standard deviation? Hint: Use Excel or Appendix C-2 to find the z-score. (Round your answer to 2 decimal places.)

Assuming a normal distribution, if 85 percent of the filings cost less than $151.00, what is the standard deviation? Hint: Use Excel or Appendix C-2 to find the z-score. (Round your answer to 2 decimal places.)

Explanation / Answer

z score corresponding to 85% area to its left = 1.036

Let the standard deviation is x. Then,

(151 - 140)/x = 1.036

x = (151 - 140)/1.036

x = 9/1.036

x = 8.68

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