Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Example Normal Distribution Problem: Scores on a management aptitude examination are believed to be normally distributed with mean 650 (out of a total of 800

Example Normal Distribution Problem: Scores on a management aptitude examination are believed to be normally distributed with mean 650 (out of a total of 800 possible points) and standard deviation 50. What is the probability that a randomly chosen manager will achieve a score above 700? What is the probability that the score will be below 750?

I used the following formula to obtain the find the area between 0 and 750 or our table area (TA):

P(X<750) = Z = (X-mean)/std. deviation = (750-650)/50 = 2

Using Appendix D on pg. 720 of our Lind text it shows z = .4772

(TA) + (Remainder of the area) = P(X<750)

.4772 + .5= .9772ans.

P(X<700)=Z=(X-mean)/std. deviation=(700-650)/50=1

Using Appendix D on pg. 720 of our Lind text it shows z = .3413

(TA) + (Remainder of the area) = P(X<700)

.3413 + .5= .8413

P(X>700) = 1 - .8413 = .1587ans.

please try this problem in Excel and see if you get the same results.

Can I please get help in excel to solve this problem? Also an explanation on how to do it. Thank you.

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_2

Step: 3

blur-text-image_3

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

Personal Finance

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes

11th edition

9781259278617, 77861647, 1259278611, 978-0077861643

More Books

Students also viewed these Finance questions

Question

What is the syntax of CREATE TABLE?

Answered: 1 week ago

Question

How does a collection differ from an array?

Answered: 1 week ago

Question

What are Queues and Stacks?

Answered: 1 week ago