Question

not everyone pays the same price for the same model of car. The mean $22,000 and the standard deviation is $2000. What is the probability the car will cost more then $26,000?

Answer 1

Given:

The mean price of the car = μ = 22000

And the standard deviation = σ = 2000

We will find the probability that the price of the car is more than 26000

Convert the given value to the z-score using the following formula:

$z=\frac{x-\mu}{\sigma}=\frac{26000-22000}{2000}=2$

From the normal distribution curve, we will find P ( z > 2 )

So, the answer will be:

$P(z>2)=0.0228=2.28\%$