ezto.mheducat TROYONLINE Bus Statistics & Data Analytic QM-2241-XT18 18/T5 (Todd
ID: 3371003 • Letter: E
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ezto.mheducat TROYONLINE Bus Statistics & Data Analytic QM-2241-XT18 18/T5 (Todd) connect BUSINESS STATISTICS Exam 2- Chapters 5,6&7 KQuestion 5 (of 25) value: 6.00 points Exercise 7-52 (LO7-3) According to a government study among adults in the 25- to 34-year age group, the mean amount spent per year on reading and entertainment is $2,075. Assume that the distribution of the amounts spent follows places and your final answers to 2 decimal places.) on with a standard deviation of $500. (Round z-score computation to 2 decimal a. What percent of the adults spend more than $2.500 per year on reading and entertainment? Percent b. What percent spend between $2,500 and $3,050 per year on reading and entertainment? Percent c. What percent spend less than $1,275 per year on reading and entertainment? Percent References Worksheet Exercise 7-52 (LOT-3)Explanation / Answer
Solution :
Given that mean ? = 2075 , standard deviation ? = 500
a. P(x > 2500) = P((x - ?)/? > (2500 - 2075)/500)
= P(Z > 0.85)
= 0.1977
= 19.77%
b. P(2500 < x < 3050) = P((x - ?)/? < Z < (x - ?)/?)
= P((2500 - 2075)/500 < Z < (3050 - 2075)/500)
= P(0.85 < Z < 1.95)
= 0.1721
= 17.21%
c. P(x < 1275) = P((x - ?)/? < (1275 - 2075)/500)
= P(z < -1.60)
= 0.0548
= 5.48%
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