Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $5. For a consumer selected at random: a. What is the probability that a randomly selected person will spend more than $25? b. What is the probability that a randomly selected person will spend less than $20? c. Find the standard error of the mean for a sample of 64 people. d. Find the probability that the average amount of cash spent without being aware of where it goes for a sample of 64 people is between $20 and $22.
Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $5. For a consumer selected at random: a. What is the probability that a randomly selected person will spend more than $25? b. What is the probability that a randomly selected person will spend less than $20? c. Find the standard error of the mean for a sample of 64 people. d. Find the probability that the average amount of cash spent without being aware of where it goes for a sample of 64 people is between $20 and $22.
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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Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is
a. What is the
b. What is the probability that a randomly selected person will spend less than $20?
c. Find the standard error of the mean for a sample of 64 people.
d. Find the probability that the average amount of cash spent without being aware of where it goes for a sample of 64 people is between $20 and $22.
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