Use the cumulative normal probability excel output above (dealing with the amoun

Question

Use the cumulative normal probability excel output above (dealing with the amount of money parents spend per child on back-to-school items) to answer the following question.

The probability is 0.26 that the amount spent on a randomly selected child will be between two values (in $) equidistant from the mean. The lower of these equidistant points is provided in the excel output above. Use the lower endpoint and some math to find the upper endpoint.

Normal mu 683 sigma 198 xi P(X<=xi) 234 0.0117 268 0.0180 464 0.1344 767 0.6643 795 0.7142 952 0.9129 P(X<=xi) xi 0.17 494.0753 0.24 543.1521 0.26 555.6176 0.29 573.4298 0.37 617.2930 0.71 792.5702 0.83 871.9247

Explanation / Answer

as 0.26 middle values fall between 0.37 and 0.63 probability

therefore upper end point =mean +(mean-lower end-point) =683+(683-617.2930)=748.7070

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