Question: Recall the car data set you identified in Week 2. We know that this data set is normally distributed using the mean and SD you

Recall the car data set you identified in Week 2. We know that this data set is normally distributed using the mean and SD you calculated.(Be sure you use the numbers without the supercar outlier)

For the next 4 cars that are sampled, what is the probability that the price will beless than$500 dollars below the mean?Make sure you interpret your results.

Please note: we are given a new sample size, we will need to calculate a new SD.Then, to find the value that is $500 below the mean you will need to take the mean and subtract $500 from it.For example, if the mean is $15,000 then $500 below this would be $14,500.Thus the probability you would want to find is P(x < 14,500).

For the next 4 cars that are sampled, what is the probability that the price will behigher than$1000 dollars above the mean?Make sure you interpret your results.Use the same logic as above.If your mean is $15,000 then $1,000 above is 15,000 + 1,000 = $16,000.Thus the probability you would want to find is P(x > 16,000).

For the next 4 cars that are sampled, what is the probability that the price will beequalto the mean?Make sure you interpret your results.Use the same logic as above.

The highlighted area is my issue: My mean for the orignial 10 cars is 36,158, median: 38,045 original SD for 10 cars: 146.5.32428.

New SD for 10 cars:4618.60907

New SD for 4 cars: 7302.662142

I tried doing P(X=36158)

(done in excel) =norm.dist(36158,36158,7302.66,false) answer- 5.46297E-05, what have I done wrong, did it start from the beginning>

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!