Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mary makes earrings to sell on Amazon. She is trying to decide how much to charge for a certain style of earring, so she researches
Mary makes earrings to sell on Amazon. She is trying to decide how much to charge for a certain style of earring, so she researches prices for similar earrings on Amazon. She finds that on average, they cost $26.50, with a standard deviation of $3.25. Assuming that the distribution is Normal, what price should Mary set if she wants 75% of similar earrings to have prices lower than the price he chooses? Answer in dollars to the nearest cent (to two decimal places).
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