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 between $20 and $40.
A)66.87%
B)71.42%
C)33.13%
D)28.58%

Question

Quizplus · Accepted Answer

First, we need to standardize the values using the z-score formula:
z = (x - μ) / σ
z for $20:
z = (20 - 36) / 8 = -2
z for $40:
z = (40 - 36) / 8 = 0.5
Then, we use the NORM.DIST function in Excel to find the probability:
=NORM.DIST(0.5,0,1,TRUE)-NORM.DIST(-2,0,1,TRUE)
This gives us a probability of 0.6687 or 66.87%. Therefore, the best choice is A.

Peak Previously Played Picks Buys and Sells Used Sports Equipment