ecure l https Wucdenverinstructure. not includesymbols, such as a s and ound to

Question

ecure l https Wucdenverinstructure. not includesymbols, such as a s and ound to the nearest dowar es s1.237 sowould be 1238u D Question 40 2.9.frng Daily Gross Receipts suppose that the daily Brossreceipts from acertain sales unit may be treated as a Normally distributed random variable with Mean (A) $58,000 Standard Deviation (o)- $200 What is the first quartile of the distribution of daily gross receipts? Hint Use Table A for this problem. (Do not include symbols, such as a s and round to the nearest dollar .es s1.237.50 would be 1238) D Question 41

Explanation / Answer

Given that µ = 58,000 and = 200

Using Z-tables, the critical value with p < 0.25 is -0.67

Z = (X - µ)/

-0.67 = (X – 58,000)/200

-0.67*200 + 58,000 = X

X = $57,866

Hence, the first quartile of the distribution of the daily gross receipts is $57,866.

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