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anonymous
 5 years ago
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?
anonymous
 5 years ago
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?

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amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1dw:1327360544078:dw

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1since we are 1 sd from the mean this makes life a bit easier

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1z = (xmean)/sd z = (23)/1 = 1 do we use a ztable or just do an empirical rule estimate?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.150  34 = 20  4 = 16% perhaps?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0What 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
 5 years ago
Best ResponseYou've already chosen the best response.1since 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
 5 years ago
Best ResponseYou've already chosen the best response.1dw:1327362044020:dw

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1since 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

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1also 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
 5 years ago
Best ResponseYou've already chosen the best response.15034 = whats left over

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.1elementary stats class is all just different ways of seeing this same curve

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0This is actually for my economy class... I took stats, but dear Lord... THANK YOU
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