You are raising money for a charity and know that the average donation is $50 with...

You are raising money for a charity and know that the average donation is $50 with a standard deviation of $60. Suppose you collect donations from 400 independent individuals. Use the Central Limit Theorem to construct X, a normal approximation to the total amount of money collected.

(a) What is E(X) and σX?

(b) What is the CDF of X in terms of the Φ function?

(c) What is the probability that you raise more than $22,000?

(d) What is the probability that you raise between $19,000 and $21,000? (e) What is the probability that X is within 2.58 standard deviations from the mean?

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orchestra answered 1 year ago

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You are raising money for a charity and know that the average donation is $50 with...

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