3. Christmas Spending. In a recent study done by the National Retail Federation

Question

3. Christmas Spending. In a recent study done by the National Retail Federation found that 2017 Christmas spending for all US households follow a Normal distribution with mean $950 and a standard deviation $60. Use this information to answer the following questions.

(d) Find Q3 (Third Quartile). Answer this question by completing parts 3(d)i and 3(d)ii. i. Provide the z-score corresponding to Q3. ii. Based on your answer in 3(d)i, provide the value of Q3.

(e) What is the value of the IQR for the distribution of 2017 Christmas spending for all US households?

Explanation / Answer

3s (i)  z-score corresponding to Q3 =0.6745

(ii) value of Q3 =mean +z*std deviation =950+0.6745*60=$990.47

e) for Q1 ; zscore =-0.6745

hence  value of Q1 =mean -z*std deviation =950-0.6745*60=$909.53

therefore IQR =Q3 -Q1 =990.47-909.53 =$80.94

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.