Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Asap Loyalty programs are a great promotional idea for retail stores to show their appreciation of repeat customers. A certain retail store wants to adopt

Asap

image text in transcribed
Loyalty programs are a great promotional idea for retail stores to show their appreciation of repeat customers. A certain retail store wants to adopt a new platform for its loyalty program. Instead of blanket promotions, they classify customers depending on what amount they spend and approach them with personalized offers. The expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this retail store will be normally distributed with a mean of $86 and a standard deviation of $27. (a) If the management's assumptions are correct, what percent of customers will spend $58 or less? Using your calculations, round the z-value to 2 decimal places and enter the z -value here: Express the final answer in percentage, round to 2 decimal places (for example, 0.0735 should be converted to 7.35%), and enter here: (b) What percent of customers will spend between $58 and $110? Express the final answer in percentage, round to 2 decimal places (for example, O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Differential Equations

Authors: William E Boyce, Richard C DiPrima, Douglas B Meade

11th Edition

1119169879, 9781119169871

More Books

Students also viewed these Mathematics questions