What is the likelihood of finding a price between $3.80 and $3.85 for a gallon of gasoline from a normally distributed population of gas prices? Assume μ = $3.78 and σ = $0.05.
A)0.3413
B)0.4641
C)0.2638
D)0.5746

Question

Quizplus · Accepted Answer

To find the likelihood, calculate the z-scores for $3.80 and $3.85, then find the probability between these z-scores using the standard normal distribution table. The z-scores are 0.40 and 1.40, and the probability between them is approximately 0.2638.

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