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In a grocery store 4% of products cost less than $1.00. Assuming prices are normally distributed...

In a grocery store 4% of products cost less than $1.00. Assuming prices are normally distributed and the standard deviation of prices is σ = $3.00 then what is the mean?

Math   Statistics-And-Probability   
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Answer #1

according to the problem,

[ in any blank cell of excel type =NORMSINV(0.04) ]

the mean is 6.25

*** if you have any doubt regarding the problem ,please write it in the comment box...if satisfied,please UPVOTE.

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