Over a long period of time, a pharmacy has found that transactions on a Saturday

Question

Over a long period of time, a pharmacy has found that transactions on a Saturday have a mean value of $42.41 and a standard deviation of $10.19. If there are 119 transactions one Saturday morning, what is the probability that the average value of a transaction exceeds $44? [Hint: What is the approximate distribution of the average value of transaction? Apply CLT.] 0.955 0.261 0.045 This probability can't be worked out, because we don't know the distribution of the values of the transactions. 0.739 0.25 points

Explanation / Answer

Ans:

Given that

mean=42.41

standard deviation=10.19

sample size=119

z=(44-42.41)/(10.19/sqrt(119))

z=1.70

P(z>1.70)=0.045

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