Millennials spent an average of $103 on monthly dining in 2016. Assume that the amount spent on

Question:

Millennials spent an average of $103 on monthly dining in 2016.

Assume that the amount spent on a monthly dining is normally distributed and that the standard deviation is $12.

a. What is the probability that a randomly selected millennial spent more than $110?

b. What is the probability that a randomly selected millennial spent between $70 and $124?

c. Between what two values will the middle 95 percent of the amounts spent fall?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Public Finance An International Perspective

ISBN: 9789814365048

1st Edition

Authors: Joshua E. Greene

See More Books

Question Posted: Mar 20, 2024 04:03 AM

See More Questions

Millennials spent an average of $103 on monthly dining in 2016. Source: Data extracted from Consumer Response Annual Report,available at bit.ly/2x4CN5w. Assume that the amount spent on a monthly...
The amount spent by millennials on monthly dining in 2016 is normally distributed with mean $103 and standard deviation $12. a. What is the probability that a randomly selected millennial spent more...
Millennials spent a mean of $2,921 annually dining in 2016. Assume that the amount spent on annual dining is normally distributed and that the standard deviation is $12. a. What is the probability...
Use the information in Exercise 2-16 to prepare an August 31 balance sheet for Help Today. Hint: Compute the ownerscapital account balance as of August 31. Data from Exercise 2-16 Carmen Camry...
Sam Sharp is an accountant with a shady past. Suffice it to say that he owes some very unsavory characters a lot of money. Despite his past, Sam works hard at keeping up a strong professional image....
You Decide: How much education is necessary for an accountant? You are at your family reunion when some relatives start asking you about your studies and plans after school. Upon learning your...
Using the data from Problem 11.32, determine which means are different using a = 0.05, when warranted. Applications AppendixLO1
The International Bank of Commerce (IBC) is an audit client of your public accounting firm. IBC is a multinational financial institution that operates in 23 countries. During the current years audit,...
Todays share price of Apple is $120. You think Apples stock will fall over the next 3 months. Today you observe the following option prices (all expiring in 3 months): Option 1: Put Option Premium =...
The scores on a university entrance exam are normally distributed with a mean of 72% and a standard deviation of 15. a. Find the probability that a student taking the entrance exam will score below...
A regional airline carrier determined that the number of kilo meters travelled per airplane per year is normally distributed with a mean of 700 thousand kilo meters and a standard deviation of a 100...
Ethyl acetate is synthesized from ethanol and acetic acid by the liquid phase esterification reaction: C 2 H 5 OH + CH 3 COOH H 2 O + CH 3 COOC 2 H 5 Ethanol + acetic acid water + ethyl acetate...
Show how you would go about balancing the following equations: Cu + HNO3 Cu(NO3)2 + NO + H2O HIO3 + Fel2 + HCI FeCl3 + ICI + H2O 2.Conservation of mass A student places 0.58 g of iron and 1.600 g...
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes...
Prior to the Covid-19 epidemic, Master's and Ph.D. programs in psychology required applying students to submit their scores on the standardized graduate admission exam (GRE). For the past three...
Benicio wants to make sure that the Sales table does not contain any duplicate records, which would make any sales analysis incorrect. Identify and remove duplicate records in the Sales table as...
University Car Wash purchased new soap dispensing equipment that cost $261,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car...
Verify that if X has an F distribution with v1 and v2 degrees of freedom and v2 , the distribution of Y = v1X approaches the chi-square distribution with .1 degrees of freedom.
The bookkeeper for Riley, Inc., made the following errors: a. A cash purchase of supplies of $357 was recorded as a debit to Supplies for $375 and a credit to Cash of $375. b. A cash sale of $3,154...
Continuation of Exercise 5-20. Determine the following: (a) P(X = 1, Y = 17, Z = 3) (b) P(X < 1, Y = 17, Z = 3) (c) P(X < 1 (d) E(X)
Continuation of Exercise 5-20. Determine the following: (a) P(X = 2, Z = 3|Y = 17) (b) P(X = 2|Y = 17) (c) E(X|Y = 17)
An order of 15 printers contains four with a graphics enhancement feature, five with extra memory, and six with both features. Four printers are selected at random, without replacement, from this...
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a...
Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets...
Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $134,640, has an estimated useful life of 17 years, has an estimated residual value of $9,350, and is depreciated by the...

Millennials spent an average of $103 on monthly dining in 2016. Assume that the amount spent on

Question:

Step by Step Answer:

To solve these problems we can use the properties of the normal distribution and the Zscore a To find the probability that a randomly selected millenn...View the full answer

Public Finance An International Perspective

Students also viewed these Business questions