As the new manager of a small convenience store you want to

As the new manager of a small convenience store, you want to understand the shopping patterns of your customers. You randomly sample 20 purchases from yesterday\'s records. The amounts of those purchases (in dollars) are shown to the right. Complete parts Standardize the minimum and maximum purchase using a mean of 45.8 and a standard deviation of 22.05. The z-score for the minimum purchase is - 1.902 and the z-score for the maximum purchase is 2.091 . (Round to three decimal places as needed.) Which has the more extreme z-score: the min or the max? the max z-score is more extreme. How large a purchase would a purchase with a z-score of 3.5 be? A purchase with a z-score of 3.5 would be $ (Round to two decimal places as needed.)

Solution

mean is 45.8 and standard deviation is22.05

we know z score=(X-45.8)/22.05

a z score with 3.5 would be =$3.5*22.05+45.8=$122.975=$122.98 [rounded to two decimal places] [answer]