Answered: The sale price of the 2021 infinity…

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015

1st Edition

ISBN:9781680331141

Author:HOUGHTON MIFFLIN HARCOURT

Publisher:HOUGHTON MIFFLIN HARCOURT

Chapter11: Data Analysis And Displays

Section: Chapter Questions

Problem 5CT

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Question

The sale price of the 2021 infinity qx50 follow an approximately normal distribution. 60% of customers payed more than $40,000 for this car. 20% payed more than $38,000 for this car. What is the mean and standard deviation for this distribution?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Step 1

Given Information :

The sale price of the 2021 infinity qx50 follow an approximately normal distribution. 60% of customers payed more than $40,000 for this car. 20% payed more than $38,000 for this car.

Let X be the sale price ,

Z scores formula :

Z = (X - μ) / σ :

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