For the most recent years available, the mean annual cost to attend a private university in the United States was $42,224. Assume the distribution of annual costs follows the normal probability distribution and the standard deviation is $4,500. Ninety-five percent of all students at private universities pay less than what amount? (round z value to 2 decimal places and your final answer to the nearest whole numbers.)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
For the most recent years available, the mean annual cost to attend a private university in the United States was $42,224. Assume the distribution of annual costs follows the
Ninety-five percent of all students at private universities pay less than what amount? (round z value to 2 decimal places and your final answer to the nearest whole numbers.)
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