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?
Stacey Warren - Expert brainly.com
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since we are 1 sd from the mean this makes life a bit easier
z = (x-mean)/sd
z = (2-3)/1 = -1
do we use a ztable or just do an empirical rule estimate?
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50 - 34 = 20 - 4 = 16% perhaps?
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
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
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
Now I get it!!!
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
50-34 = whats left over
elementary stats class is all just different ways of seeing this same curve
This is actually for my economy class... I took stats, but dear Lord... THANK YOU