Grocery store receipts show that customer purchases have a skewed distribution with a mean of $32 and

Question:

Grocery store receipts show that customer purchases have a skewed distribution with a mean of $32 and a standard deviation of $20.

a) Explain why you cannot determine the probability that the next customer will spend at least $40.

b) Can you estimate the probability that the next 10 customers will spend an average of at least $40? Explain.

c) Is it likely that the next 50 customers will spend an average of at least $40? Explain.

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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