Answered: According to the truecar.com website,…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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According to the truecar.com website, the asking prices for cars of a certain model are approximately normally distributed with mean $35,987 and standard deviation $607.50.

(a) The factory invoice price for this model is $35,625.

About what percent of cars have asking prices below factory invoice?

Round to 4 decimal places and then convert to a percentage.

(b) According to the truecar.com site, any asking price between $34,772 and $36,225 for this car model is considered “good” or “great.”

What proportion of cars have “good” or “great” asking prices?

(Round to 4 decimal places)

(c) The manufacturer’s suggested retail price (MSRP) for this car model is at the 98th percentile of the distribution of asking price.

Find the MSRP.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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