Asked Dec 8, 2019

Suppose the mean income of firms in the industry for a year is 4545 million dollars with a standard deviation of 13 million dollars. If incomes for the industry are distributed normally, what is the probability that a randomly selected firm will earn less than 60 million dollars? Round your answer to four decimal places.


Expert Answer

Step 1

Given information:


Image Transcriptionclose

µ = 45 o =13

Step 2

Let X is random variable.

The probability that a randomly selected firm wi...


Image Transcriptionclose

X- u 60 - u P(X <60)= P --{2-) 60 – 45 = P| Z < 13 = P(Z <1.15) = 0.8749


Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in




Related Statistics Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Use the t-distribution to find a confidence interval for a mean μ given the relevant sample results....

A: 95 % confidence interval is given byThe 100 (1 – α) % confidence interval for the population mean, μ...


Q: THe area to the left of z=-0.43 is

A: The normal distribution:A continuous random variable X is said to follow normal distribution with me...


Q: Candy Counts Color Number in Package   Red 1313   Orange 2424   Yellow ...

A: Given data and calculation of expected candy is shown below


Q: A college admissions officer takes a simple random sample of 90 entering freshmen and computes their...

A: The correct option is: C) No.Given information:


Q: A sample of 250 observations is selected from a normal population with a population standard deviati...

A: (a) The standard error of the mean is 1.581 and it is obtained below: From the given information, th...


Q: The US Department of Housing and Urban Development provides data to show the fair market monthly ren...

A: The null and alternative hypotheses are shown below:For metropolitan area:H0: The mean fair market r...


Q: Question 2

A: The hypotheses to be tested are:H0: μ = 28.2.H0: μ &gt; 28.2.Calculation of test statistic:Here, the...


Q: 1. A researcher suspects that the actual prevalence of depression among children and adolescents is ...

A: Note:If the critical value is 1.645 instead of 1.96 in option A, then that will be the correct optio...


Q: The data is given as follow. Excel File: data14-17.xlsx 13 20 Yi 18 26 23 The estimated regression e...

A: Given Data and calculation is shown below