Question

A grocery store's receipts show that Sunday customer purchases have a skewed distribution with a mean of $31 and a standard deviation of $21. Suppose the store had 318 customers this Sunday. a) Estimate the probability that the store's revenues were at least $10 comma 600. b) If, on a typical Sunday, the store serves 318 customers, how much does the store take in on the worst 1% of such days?

Answer #1

Solution:

We are given:

We know that:

a) We are required to find:

Now using the z-score formula, we have:

Now using the standard normal table, we have:

b. We have to first find the z-value corresponding to area = 0.01. Using the standard normal table, we have:

Now using the z-score formula, we have:

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