Explanation
We are to use the empirical rule to find the percentage of buyers who paid less than $16000
The empirical rule tells us about the distribution of data from a normally distributed population. It states that ~68% of the data fall within one standard deviation of the mean, ~95% of the data fall within two standard deviations, and ~99.7% of all data is within three standard deviations from the mean
So from the question, to obtain a price lower than $16000 we have less than 2 standard deviations from the mean as shown below
Therefore, the percentage will be the red part indicated above
[tex]50\text{\%-47.5\%=2.5\%}[/tex]
Therefore, the percentage of buyers who paid less than $16000 will be approximately 2.5%
