Suppose it is known that the distribution of purchase amounts by customers entering a popular retail store
Question:
a. What is the probability that a randomly selected customer spends less than $35 at this store?
b. What is the probability that a randomly selected customer spends between $15 and $35 at this store?
c. What is the probability that a randomly selected customer spends more than $10 at this store?
d. Find the dollar amount such that 75% of all customers spend no more than this amount.
e. Find the dollar amount such that 80% of all customers spend at least this amount.
f. Find two dollar amounts, equidistant from the mean, such that 90% of all customer purchases are between these values.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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