Question

not everyone pays the same price for the same model of car. The mean $22,000 and the standard deviation is $2000. What is the probability the car will cost more then $26,000?

Answer 1

Given:

The mean price of the car = μ = 22000

And the standard deviation = σ = 2000

We will find the probability that the price of the car is more than 26000

Convert the given value to the z-score using the following formula:

`z=(x-\mu)/(\sigma)=(26000-22000)/(2000)=2`

From the normal distribution curve, we will find P ( z > 2 )

So, the answer will be:

`P(z>2)=0.0228=2.28\%`