One of the cars sold by Walt's car dealership is a very popular subcompact car called the Rhino. The final sale price of the basic model of this car varies from customer to customer depending on the negotiating skills and persistence of the customer. Assume that these sale prices of this car are normally distributed with a mean of $19600 and a standard deviation of $360. Round your answers to 2 decimal places. a. Dolores paid $19154 for her Rhino. What percentage of Walt's customers paid less than Dolores for a Rhino? b. Cuthbert paid $20118 for a Rhino. What percentage of Walt's customers paid more than Cuthbert for a Rhino?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
question 6.3 5
One of the cars sold by Walt's car dealership is a very popular subcompact car called the Rhino. The final sale price of the basic model of this car varies from customer to customer depending on the negotiating skills and persistence of the customer. Assume that these sale prices of this car are
Round your answers to 2 decimal places.
a. Dolores paid $19154 for her Rhino. What percentage of Walt's customers paid less than Dolores for a Rhino?
b. Cuthbert paid $20118 for a Rhino. What percentage of Walt's customers paid more than Cuthbert for a Rhino?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
