Answered step by step
Verified Expert Solution
Question
1 Approved Answer
7. Historical data show that customers who download music from a popular Web service spend approxi- mately $26 per month, with a standard deviation of
7. Historical data show that customers who download music from a popular Web service spend approxi- mately $26 per month, with a standard deviation of $8, normally distributed, but never spend more than $30. Assuming that each customer is independent of the others, predict the average amount of the next ten transactions. (Hint: Develop a method to ensure that the random variate is limited to $30.)A B C D E F G H 1 Music downloads N 3 Mean $26 4 Standard Deviation $8 5 6 00 The easiest approach is to use the MIN function: 9 Random variates 10 Sample Random Number Normal value Amount Amount 11 12 13 14 15 16 17 N I O O . V Q U A W N 18 19 20 21 22 Average F #DIV/O! 23 24 25 26
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