Average tuition is $25,000 with a standard deviation of $2,000 if the cost is a mound...

Average tuition is $25,000 with a standard deviation of $2,000 if the cost is a mound shape 95% of the school tuition with have an annual tuition between what two amounts

Solutions

Expert Solution

Given,

= 25000 , = 2000

We convert this to standard normal as

P( X < x) = P( Z < x - / )

We have to calculate x such that P( X < x) = 0.95

95% of the data falls between -1.96 and 1.96

That is

x - / = 1.96

-1.96 < x - / < 1.96

Put the values of and in above equation and solve for x

-1.96 < x - 25000/ 2000 < 1.96

multiply by 2000 throughout

-3920 < x - 25000 < 3920

21080 < x < 28920

Therefore,

95% of the school tuitions with have annual tuition between $21080 and $28920

orchestra answered 1 year ago

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