assign 6-2 - 7. 5% of the families spend below what value?...

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Assign 6-2 Group 5 The amount of money that a family of four will spend at Kings Island, including the food and souvenirs, is $130 with a standard deviation of $12. Assume that this distribution is normal. 1. Find the probability that a particular family of four selected at random spends between $150 and $200? =P(150<=x<=200) = p(x<=200)-p(x<=150) =p(z<=5.83)-p(z<=1.667) 2. What is the probability that the family spends less than $140? P(x<140) = p(z<=2.833)=.7967 3. What is the probability that the family spends more than $170? P(x>170) = 1- p(x<=170) = 1-p(z<=3.33) = 1-.9988 = 0.0012 4. What is the probability that the family spends between $130 and $190? (Draw a graph to illustrate your results) =p(130<=x<=190) = p(x<=190)-p(x<=130) =p(z<=5)-p(z<=0) 5. Find the cost that represents the 50 th percentile. 6. Find the cost that represents the 90 th percentile.
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Unformatted text preview: 7. 5% of the families spend below what value? X=(z* )+ x = (.05*12)+130 = 130.6 8. The top 5% of the families spend above what value? 9. Between what two values will the middle 50% of the families spend? 10. What percent of the families spend at least $120? 11. Use the empirical rule to determine the following: A About 68% of the observations lie between what two values? B About 95% of the observations lie between what two values? C About 99% of the observations lie between what two values? 12. Use the standard normal distribution to determine the following A 68% of the observations lie between what two values? B 95% of the observations lie between what two values? C 99% of the observations lie between what two values? 13. Discuss the differences in the results for question 12 and question 11...
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This note was uploaded on 10/10/2010 for the course ACCT 225 S taught by Professor Webster during the Spring '10 term at Franklin.

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