The prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and a standard deviation of $500. The prices paid for a model of a new car are approximatelynormally distributed with a mean of $17,000 and a standarddeviation of $500.The price that is 3 standard deviations above the mean is $18,500The price that is 2 standard deviations below the mean is $16,000The percentage of buyers who paid between $16,500 and $17,500is 68.3%The percentage of buyers who paid between $17,000 and $18,000is 47.7%.The percentage of buyers who paid less than $16,000 is2.3%.

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Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and a standard deviation of $500.

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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