185k views
1 vote
The mean is $19000 and the standard deviation is $2000 use the 68-95-99.7 rule to find the percentage of buyers who paid less than $13000

User LJ Wilson
by
5.1k points

1 Answer

3 votes

The threshold of interest ($13,000) is $6,000 or 3 standard deviations below the mean ($19,000). The rule you are asked to use tells you that 99.7% of the distribution lies within 3 standard deviations of the mean. This tells you that 0.3% lies outside. Since the distribution is symmetrical, half those values are 3 standard deviations above the mean and the half of interest are 3 standard deviations below the mean.


The percentage of buyers who paid less than $13,000 is about 0.3%/2 = 0.15%, according to the rule you are to use.

User Markos Evlogimenos
by
5.1k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.