- 14 Marks
Question
In a study commissioned by Ofo Stores, the researcher examined the spending habits of the residents of Kojokrom. He found the spending habits to be normally distributed with a mean of GH¢700 and a standard deviation of GH¢70.
Required:
i) Determine the probability that a resident selected at random spends:
- Less than GH¢620 (3 marks)
- More than GH¢1,000 (3 marks)
- Between GH¢800 and GH¢900 (4 marks)
ii) Calculate the amount:
- Above which 80% of the residents will spend in a week (2 marks)
- Below which 30% of the residents will spend in a week (2 marks)
Answer
a)
i)
ii)
iii)
b)
Thus 80% of the residents will spend above GH₵ 700.50 in a week.
ii)
Thus 30% of the residents will spend below GH₵ 722.90 in a week
- Tags: Continuous Variables, Normal distribution, Probability, Spending Habits, Statistics
- Level: Level 1
- Topic: Probability
- Series: NOV 2018
- Uploader: Kwame Aikins