Question

A random sample of small business stock prices has a sample mean of x¯=$54.82 and sample standard deviation of s=$8.95. Use the Empirical Rule to estimate the percentage of small business stock prices that are more than $81.67. Round your answer to the nearest hundredth.

Answer 1

The right solution is "0.15%".

Explanation:

The given values are:

Mean,

`\bar{x}=54.82` $

Standard deviation,

`s = 8.95` $

`P(X>81.67)`

Now,

=
`P(z>\frac{81.67-\bar{x}}{s} )`

On substituting the values, we get

=
`P(z>(81.67-54.82)/(8.95) )`

=
`P(z>(26.85)/(8.95))`

=
`P(z>3)`

By using the table, we get

=
`0.0015`

=
`0.15`%