Question: According to an NRF survey conducted by BIG research, the average family spends about $237 on electronics (computers, cell phones, etc.) in back-to-college spending per

According to an NRF survey conducted by BIG research, the average family spends about $237 on electronics (computers, cell phones, etc.) in back-to-college spending per student. Suppose back-to-college family spending on electronics is normally distributed with a standard deviation of $54. If a family of a returning college student is randomly selected, what is the probability that:
a. They spend less than $150 on back-to-college electronics?
b. They spend more than $400 on back-to-college electronics?
c. They spend between $120 and $185 on back-to-college electronics?

Step by Step Solution

★★★★★

3.43 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

237 s 54 a P x 150 z 150 237 54 161 From Table A5 area for z 161 is 4463 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

409-M-S-S-D (686).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

A population of scores is normally distributed with a standard deviation equal to 7. State whether the standard error will increase, decrease, or remain unchanged if the value of the population...

A random variable X is normally distributed with a mean of 100 and a variance of 100 and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random variables...

A random variable X is normally distributed with a mean of 100 and a variance of 100, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random variables...

Week 3 #7 (Q) According to an NRF survey conducted by BIG research, the average family spends about $237on electronics (computers, cell phones, etc.) in back-to-college spending per student. Suppose...

According to an NRF survey conducted by BIG research, the average family spends about $237 on electronics (computers, cell phones, etc.) in back-to-college spending per student. Suppose...

1) in a recent year, the average daily circulation of the Wall Street Journal was 2,276,207. Suppose the standard deviation is 70,940. Assume the paper's daily circulation is normally distributed....

According to an NRF survey conducted by BIGresearch, the average family spends about $237 on electronics (computers, cell phones, etc.) in back-to-college spending per student. Suppose...

According to an NRF survey conducted by BIGresearch, the average family spends about $229on electronics (computers, cell phones, etc.) in back-to-college spending per student. Suppose back-to-college...

Im stuck please help solve According to an NRF survey conducted by BIGresearch, the average family spends about $237on electronics (computers, cell phones, etc.) in back-to-college spending per...

You are working on the audit of Chip Ltd and have completed your review of controls over cash receipts. You have noted the following controls: Control 1: Handling of cash is entirely separate from...

What are the two main sources of power and the three subtypes of each?

The first paragraph mentions the term 'budget repair'. Given the information in later paragraphs, suggest what the 'repair' involves.

Risk reassessment is a tool and technique of what process? a. control risks b. identify risks c. qualitative risk analysis d. plan risk responses

A company produces and ships 16 personal computers knowing that 4 of them have defective wiring. The company that purchased the computers is going to thoroughly test three of the computers. The...

A western city has 18 police officers eligible for promotion. Eleven of the 18 are Hispanic. Suppose only five of the police officers are chosen for promotion and that one is Hispanic. If the...

Solve for the probabilities of the following binomial distribution problems by using the binomial formula. a. If n = 11 and p = .23, what is the probability that x = 4? b. If n = 6 and p = .50, what...

Question 5. Volatility and Option Hedging (34 marks) Today, is January 4, 2016. IBM common stock is selling at $135.95 per share. The stock has a dividend yield of 4% per year. The following table...

In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases using LCNRV. Cases 1 2 3 4 5 Cost...

Score: 0720 0/ 20 answered Question 18 A smart phone manufacturer is interested in constructing a 90% confidence interval for the proportion of smart phones that break before the warranty expires. 95...