Question

In: Statistics and Probability

Foot Locker uses sales per square foot as a measure of store productivity. Last year, the...

Foot Locker uses sales per square foot as a measure of store productivity. Last year, the mean annual sales per square foot was $410 with a standard deviation of $54.38. Suppose you take a random sample of 36 Foot Locker stores operating last year. There is a 3% probability that the sample mean annual sales per square foot is at most $______.

a.

None of the answers is correct
b.

307.7656
c.

512.2344
d.

427.0391
e.

392.9609

Solutions

Expert Solution

Given that,

mean = = $410

standard deviation = = $54.38

n = 36

= 54.38

= / n = 54.38 /36=9.0633

Using standard normal table,

P(Z < z) = 3%

= P(Z < z) = 0.03  

= P(Z <- 1.88 ) = 0.03

z = - 1.88    Using standard normal table,

Using z-score formula  

= z * +   

= - 1.88*9.0633+410

= $392.9609

orchestra answered 1 year ago
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