The daily sales of a small retail store in Toronto for the last 365 days are normally distributed with a mean of $2,050, and a standard deviation of $300. i. What is the probability of daily sales exceeding $2,500?
ii. From a sample of 49 days, what is the probability of having a sample mean less than $2,500?
A) 0.4332, 0.0668
B) 0.0668, 0.9332
C) 0.4332, approximately 100%
D) 0.0668, Approximately 0%
E) 0.0668, Approximately 100%

Question

Quizplus · Accepted Answer

The probability of daily sales exceeding $2,500 is found using the Z-score formula, resulting in a probability of 0.0668. For the sample of 49 days, the standard error is reduced, and the probability of the sample mean being less than $2,500 is approximately 100%.

The Daily Sales of a Small Retail Store in Toronto