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It is assumed that the daily sales amount of a company is a random variable with...

It is assumed that the daily sales amount of a company is a random variable with a normal distribution of an average value of 10 hundred euros and standard deviation 4 hundred euros. Determine the probability that, in twenty days, at least four days result in sales of more than 15 hundred euro

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Answer #1

Given that the daily sales amount of a company is a random variable with a normal distribution of an average value of = 10 hundred euros and standard deviation = 4 hundred euros.

So to calculate the probability we need to find the Z score at X = 15 as:

Thus P(X>15) is transposed to standard normal value as P(Z>1.25) which is calculated using the excel formula for normal distribution which is =1-NORM.S.DIST(1.25, TRUE), thus the probability is computed as:

P(X>1.25) = 0.4203.

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