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In: Statistics and Probability

Draw a labeled diagram of the normal distribution The Federal Reserve reports that the mean lifespan...

Draw a labeled diagram of the normal distribution

The Federal Reserve reports that the mean lifespan of a five-dollar bill is 4.9 years. Let’s suppose that the standard deviation is 2.1 years and that the distribution of lifespans is normal (not unreasonable!)

Find: (a) the probability that a $5 bill will last more than 4 years.

(b) the probability that a $5 bill will last between 5 and 7 years.

(c) the 94th percentile for the lifespan of these bills (a time such that 94% of bills last less than that time).

(d ) the probability that a random sample of 37 bills has a mean lifespan of more than 5.1 years.

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orchestra answered 2 years ago
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