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 $390 with a standard deviation of $45.83. Suppose you take a random sample of 49 Foot Locker stores operating last year. There is a 16% probability that the sample mean annual sales per square foot is at most $______.

a.

435.3717
b.

344.6283
c.

None of the answers is correct
d.

383.5183
e.

396.4817

Solutions

Expert Solution

Solution,

Given that,

mean = = $ 390

standard deviation = = $ 45.83

n = 49

=   = $ 390

= / n = 45.83 / 49 = 6.5471

Using standard normal table,

P(Z < z) = 16%

= P(Z < z ) = 0.16

= P(Z < -0.99 ) = 0.16  

z = -0.99

Using z-score formula  

= z * +   

= -0.99 * 6.5471 + 390

= $ 383.5183

correct option is = d

orchestra answered 1 year ago
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