Question
Suppose that the average annual revenue of a small business is $120,000 with a standard deviation of $20,000. Assume that the revenue distribution is normal.
Suppose that the average annual revenue of a small business is $120,000 with a standard deviation of $20,000. Assume that the revenue distribution is normal.
22. {Average Annual Revenue Narrative} What is the probability that one business selected at random makes less than $110,000?
23. {Average Annual Revenue Narrative} What is the probability that the average annual revenue of a random sample of 4 businesses is less than $110,000?
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
5th Edition
1264467206, 978-1264467204
