Question
Suppose that the average annual revenue of a small business is $140,000 with a standard deviation of $30,000. Assume that the revenue distribution is normal.
Suppose that the average annual revenue of a small business is $140,000 with a standard deviation of $30,000. Assume that the revenue distribution is normal.
What is the probability that one business selected at random makes less than $120,000?
What is the probability that the average annual revenue of a random sample of 4 businesses is less than $120,000?
Why are your answers to the previous two questions different?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
