Question

(1 point) The manager of Walton's Discount Shoe Store knows that daily revenue from shoe sales is normally distributed with mean $ 4500 and standard deviation $ 800. Find the probability (to four decimal places) that (a) on a particular day, revenue exceeds $ 4600. (b) on three consecutive days, revenue never exceeds $ 3500. (c) on four consecutive days, the average revenue exceeds $ 4300.

Answer 1

X has a normal distribution with u = 4500, o=800 4600-4500 a) P(x>4600) = P(**> 800 =P(Z 0.125) =1-P(z<0.125) =1-0.5498 (Using excel =NORMSDIST(Z)) =0.4502 b) Probability that revenue never exceeds 3500is P(x<3500) = P(** 3500-4500 800 =P(z<-1.25) =P(Z<-1.25) = 0.1056 (Using excel =NORMSDIST(Z)

If three consecutive days are occur probability that revenue never exceeds 3500is =0.10563 =0.00117758 =0.0012 c) Probability that average revenue exceeds 4300 is 4300-4500 Pi > 4300) =P 800 one =P(2>-0.5) =1-P(Z<-0.5) =1-0.3085 =0.6915 (using z value table)