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 sell used equipment will be paid less than $20.
A)2.28%
B)69.15%
C)100.00%
D)97.73%

Question

Quizplus · Accepted Answer

Using the formula for z-score: 
z = (x - μ) / σ 
Where x = 20, μ = 36, and σ = 8

z = (20 - 36) / 8 = -2

Using the NORM.DIST function in Excel: 
=NORM.DIST(-2,0,1,TRUE) 
This gives us a probability of 0.0228, or 2.28%.

Therefore, the answer is A) 2.28%.

Peak Previously Played Picks Buys and Sells Used Sports Equipment