Suppose that a study shows that an electric bike is driven 23,500 km/year on average and...

Suppose that a study shows that an electric bike is driven 23,500 km/year on average and has a standard deviation of 3900 km. Assume that the measurements’ distribution is approximately normal.

a) Calculate the 3rd quartile.

b) Solve for the probability that a randomly selected electric bike is driven at most 15,000 km per year, and then solve for the probability that a randomly selected electric bike is driven between 10,000 and 20,000 km per year.

c) If the average cost of leasing an electric bike is $300 per month with an SD of $110. You want to buy an electric bike so you randomly sample 20 people who are currently leasing. Solve for the probability that the sample mean, amongst the randomly selected 20 people, is less than $250.

d) Solve for the probability that the sample mean is greater than $300, amongst the randomly selected 20 people sampled in part c)

Expert Solution

orchestra answered 1 year ago

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