Peak Previously Played Picks buys and sells used sports equipment.For the past year,the mean purchase of used sports equipment was $36 with a standard deviation of $8.Using the Microsoft Excel function NORM.DIST,find the probability that the next person who comes in to buy used equipment will pay more than $40.
A)30.85%
B)69.15%
C)24.20%
D)95.60%

Question

Quizplus · Accepted Answer

The probability that a customer will pay more than $40 can be found using the Excel function NORM.DIST(40, 36, 8, TRUE) to find the cumulative probability up to $40, which is approximately 0.6915. The probability of paying more than $40 is 1 - 0.6915 = 0.3085 or 30.85%.

Peak Previously Played Picks Buys and Sells Used Sports Equipment