In: Statistics and Probability
A large amount of price data on used car sales of a particular popular car model and year was compiled and the investigators concluded that sales price was normally distributed with a mean of $17,500 and a standard deviation of $4500. Assume this is true.
What fraction of car sales were at prices less than $14,500?
What fraction of car sales were between $12,000 and $14,500?
Could you please show work?
µ = 17500
sd = 4500
a)
= P(Z < -0.67)
= 0.2514
b)
= P(-1.22 < Z < -0.67)
= P(Z < -0.67) - P(Z < -1.22)
= 0.2514 - 0.1112
= 0.1402