Question
Before you design the experiment, you wish to understand the distribution of sales growth for stores in the Kohl's chain for the previous year. So,
Before you design the experiment, you wish to understand the distribution of sales growth for stores in the Kohl's chain for the previous year. So, you request Kohl's To share the year-over-year (YOY) sales growth data for each of words 1100 stores from the previous year. Kohl's Management tells you that it will take a few days to collate that information. However, they inform you that YOY Sales growth at their stores during the previous year can be estimated by a normal distribution with a mean of 3.05% and a standard deviation of 1.25%
a) what is the probability that a store chosen at random from this chain will have sales growth less than 3.5%? ( Please use Microsoft Excel to Calculate)
b)Suppose that you randomly pick 5 stores. What is the probability that the average YOY sales growth over those 100 stores will be less than 3.5%?(Please use Microsoft Excel to Calculate)
c) Suppose that you randomly pick 100 stores. What is the probability that the average YOY sales growth for those 100 Stores will be less than 3.5%? (Please use Microsoft Excel to Calculate)
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