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?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!