Question

In: Statistics and Probability

A large amount of price data on used car sales of a particular popular car model...

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?

Solutions

Expert Solution

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

orchestra answered 2 years ago
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