Question

Normal
mu	683
sigma	198
xi	P(X<=xi)
234	0.0117
268	0.0180
464	0.1344
767	0.6643
795	0.7142
952	0.9129
P(X<=xi)	xi
0.17	494.0753
0.24	543.1521
0.26	555.6176
0.29	573.4298
0.37	617.2930
0.71	792.5702
0.83	871.9247

Use the cumulative normal probability excel output above (dealing with the amount of money parents spend per child on back-to-school items) to answer the following question.

The probability is 0.71 that the amount spent on a randomly selected child is no less than what value (in $)?

Answer 1

Given cumulative normal probability output is,

Normal
mu	683
sigma	198
xi	P(X<=xi)
234	0.0117
268	0.0180
464	0.1344
767	0.6643
795	0.7142
952	0.9129
P(X<=xi)	xi
0.17	494.0753
0.24	543.1521
0.26	555.6176
0.29	573.4298
0.37	617.2930
0.71	792.5702
0.83	871.9247

Observe the above normal probability output ,

Corresponding to probability is 0.71 that the amount spent on a randomly selected child is no less $792.5702.