anonymous
  • anonymous
You consider investing in a new hotel. The expected revenues are distributed normally with an average of 3 million dollars and a standard deviation of 1 million dollars. What is the probability that your revenues will be lower than 2 million dollars?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
jamiebookeater
  • jamiebookeater
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
amistre64
  • amistre64
|dw:1327360544078:dw|
amistre64
  • amistre64
since we are 1 sd from the mean this makes life a bit easier
amistre64
  • amistre64
z = (x-mean)/sd z = (2-3)/1 = -1 do we use a ztable or just do an empirical rule estimate?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

amistre64
  • amistre64
50 - 34 = 20 - 4 = 16% perhaps?
anonymous
  • anonymous
What you calculated is what I needed (I think). I just do not know how you arrived at 16%...? I think I am supposed to do an empirical rule estimate over here. I am so stupid with such things. I cannot believe it lol
amistre64
  • amistre64
since the 2 is 1 sd from the mean; that area between 2 and 3 consists of 34% of the data according to the empirical estimates
amistre64
  • amistre64
|dw:1327362044020:dw|
amistre64
  • amistre64
since 68% of the data falls within 1sd of the mean, half is to the left of the mean and the other half to the right
anonymous
  • anonymous
Now I get it!!!
amistre64
  • amistre64
also good to know is that there is 50% of the data on the left and 50% on the right of the means; so if we know part of the area we can determine the rest
amistre64
  • amistre64
50-34 = whats left over
amistre64
  • amistre64
elementary stats class is all just different ways of seeing this same curve
anonymous
  • anonymous
This is actually for my economy class... I took stats, but dear Lord... THANK YOU
amistre64
  • amistre64
:) yw, and good luck

Looking for something else?

Not the answer you are looking for? Search for more explanations.