Question
The customer accounts of a certain departmental store have an average balance of Rs 120 and a standard deviation of Rs 40. Assuming that the account balances are normally distributed-
a. What proportion of the accounts is over Rs 150?
b. What proportion of accounts is between Rs 100 and Rs 150?
(Refer tables for finding the required tabulated value)
Answer :
Word Count : 251
We are given the following: * Mean (μ) = Rs 120 * Standard Deviation (σ) = Rs 40 * Distribution = Normal distribution We are to find proportions using standard normal distribution Z-values, and use the Z-table to find probabilities. --- ### (a) Proportion of accounts over Rs 150 We first convert Rs 150 to a Z-score: $$ Z = \frac{X - _______ ___ _________ ___ _______.
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We are given the following: * Mean (μ) = Rs 120 * Standard Deviation (σ) = Rs 40 * Distribution = Normal distribution We are to find proportions using standard normal distribution Z-values, and use the Z-table to find probabilities. --- ### (a) Proportion of accounts over Rs 150 We first convert Rs 150 to a Z-score: $$ Z = \frac{X - _______ ___ _________ ___ _______.
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