You want to know the percentage of medical equipment companies that earned revenue less than 62 million or more than 118 million dollars. If the mean revenue was 90 million dollars and the data has a standard deviation of 19 million, find the percentage. Assume that the distribution is normal. Round your answer to the nearest hundredth.
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!
You want to know the percentage of medical equipment companies that earned revenue less than 62 million or more than 118 million dollars. If the mean revenue was 90 million dollars and the data has a standard deviation of 19 million, find the percentage. Assume that the distribution is normal. Round your answer to the nearest hundredth.
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