Question: PLEASE ANSWER WITH THE FOLLOWING QUESTION SET AND EXPLAIN EACH SECTION. THANK YOU!!! An auditor has reviewed the financial records of a hardware store and
PLEASE ANSWER WITH THE FOLLOWING QUESTION SET AND EXPLAIN EACH SECTION. THANK YOU!!!
An auditor has reviewed the financial records of a hardware store and has found that its billing errors follow a normal distribution with mean and standard deviation equal to $0 and $1, respectively.
What proportion of the store's billings is in error by more than $1?
What is the probability that a billing represents an overcharge of at least $1.50?
What is the probability that a customer has been undercharged from $.50 to $1.00?
Within what range would 95% of the billing errors be?
Of the extreme undercharges, 5% would be at least what amount?
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