Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will spend at least $18 per month. How much (or more) do the top 7% of customers spend? What is the probability that a customer will spend at least $18 per month? 0.7475 (Round to four decimal places as needed.) How much do the top 7% of customers spend? (Round to the nearest cent as needed.)
Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will spend at least $18 per month. How much (or more) do the top 7% of customers spend? What is the probability that a customer will spend at least $18 per month? 0.7475 (Round to four decimal places as needed.) How much do the top 7% of customers spend? (Round to the nearest cent as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a
standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will
spend at least $18 per month. How much (or more) do the top 7% of customers spend?
What is the probability that a customer will spend at least $18 per month?
0.7475 (Round to four decimal places as needed.)
How much do the top 7% of customers spend?
(Round to the nearest cent as needed.)
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