One of the cars sold by Walt's car dealership is a very popular subcompact car called...

One of the cars sold by Walt's car dealership is a very popular subcompact car called the Rhino. The final sale price of the basic model of this car varies from customer to customer depending on the negotiating skills and persistence of the customer. Assume that these sale prices of this car are normally distributed with a mean of $19900 and a standard deviation of $360. Round your answers to 2 decimal places.

a. Dolores paid $19525 for her Rhino. What percentage of Walt's customers paid less than Dolores for a Rhino?

b. Cuthbert paid $20419 for a Rhino. What percentage of Walt's customers paid more than Cuthbert for a Rhino?

Solutions

Expert Solution

(a) 15% of Walt's customers paid less than Dolores for a Rhino

(b) 7.5% of Walt's customers paid more than Cuthbert for a Rhino

The detailed answer is given in the attached file. Hope this helps

orchestra answered 1 year ago

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