Foot Locker has 3400 stores in the U.S. The company uses sales per square foot as a measure of store productivity. Last year sales were running at an annual rate of $406 per square foot for all stores (The Wall Street Journal, March 7, 2012) with a standard deviation of $80. You have been asked by management to conduct a study of a sample of 64 stores. a. Determine the probability that the sample of 64 stores will have a sales average within $15 of the population mean. b. Each year Foot Locker invites store managers with sales in the top 8% to enjoy a complimentary vacation in Hawaii. Determine the smallest sales level for the store managers who were awarded a trip to Hawaii last year. Assume the distribution of sales was normally distributed last year.
5. Foot Locker has 3400 stores in the U.S. The company uses sales per square foot as a measure of store productivity. Last year sales were running at an annual rate of $406 per square foot for all stores (The Wall Street Journal, March 7, 2012) with a standard deviation of $80. You have been asked by management to conduct a study of a sample of 64 stores.
a. Determine the probability that the sample of 64 stores will have a sales average within $15 of the population mean.
b. Each year Foot Locker invites store managers with sales in the top 8% to enjoy a complimentary vacation in Hawaii. Determine the smallest sales level for the store managers who were awarded a trip to Hawaii last year. Assume the distribution of sales was
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