Question
6.9 Consumers spend an average of $21 per week in cash without being aware of where it goes (data extracted from Snapshots: A Hole in
6.9 Consumers spend an average of $21 per week in cash without being aware of where it goes (data extracted from "Snapshots: A Hole in Our Pockets," USA Today, January 18, 2010, p. 1A). Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $5.
a. What is the probability that a randomly selected person will spend more than $25?
b. What is the probability that a randomly selected person will spend between $10 and $20?
c. Between what two values will the middle 95% of the amounts of cash spent fall?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started