Statistics Help Question 5 and 6 please if you could explain
Statistics Help!
Question 5 and 6 please
if you could explain how you got the answers as well
Solution
Mean ( u ) =4750
 Standard Deviation ( sd )=18839.785
 Number ( n ) = 2500
 Normal Distribution = Z= X- u / (sd/Sqrt(n) ~ N(0,1)                  
a)
 P(X > 6000) = (6000-4750)/18839.785/ Sqrt ( 2500 )
 = 1250/376.796= 3.3174
 = P ( Z >3.3174) From Standard Normal Table
 = 0.0005                  
       
 b)P(X > 7000) = (7000-4750)/18839.785/ Sqrt ( 2500 )
 = 2250/376.796= 5.9714
 = P ( Z >5.9714) From Standard Normal Table
 = 0                  
Rate of such pay out is an outlier

