A manager of a popular retail store knows that the distribution of purchase amounts by its customers is approximately normal with a mean of $30 and a standard deviation of $9. Below you will find normal probability and percentile calculations related to the customer purchase amounts.
?
Probability Calculations
P(Sales < $ 15.00) = 0.048, P(Sales < $ 20.00) = 0.133
P(Sales < $ 25.00) = 0.289, P(Sales < $ 35.00) = 0.711
?
PercentilesCalculations
1st Percentile = $9.06, 5th Percentile = $15.20
95th Percentile = $44.80, 99th Percentile = $50.94
What is the probability that a randomly selected customer will spend $30 or more?
What will be an ideal response?
0.50
You might also like to view...
Gateway Graphics is considering an investment in new printing equipment costing $502,000. The equipment will be depreciated on a straight-line basis over a five-year life and is expected to generate net cash inflows of $122,000 the first year, $158,000 the second year, and $160,000 every year thereafter until the fifth year. What is the payback period for this investment? The residual value is zero. (Round your answer to two decimal places.)
A) 4.30 years B) 3.39 years C) 2.80 years D) 3.11 years
Supercenters are large stores (185,000 square feet) that combine a supermarket with a full-line discount store.
Answer the following statement true (T) or false (F)
When the government induces the defendant to break the law it is known as A) entrapment
B) racketeering. C) an exclusionary rule. D) a good faith exception.
The cognitive theory of learning is also called the stimulus-response theory.
Answer the following statement true (T) or false (F)