joanne's Dress Shop received an invoice dated July 25 for $1400, with terms of 2/10, 1/15, n/60. August 8, Joanne's Dress Shop s
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Answer:
9.34%
Step-by-step explanation:
p = 4%, or 0.04
n = Sample size = 667
u = Expected value = n * p = 667 * 0.04 = 26.68
SD = Standard deviation = = 5.06
Now, the question is if the manager is correct, what is the probability that the proportion of flops in a sample of 667 released films would be greater than 5%?
This statement implies that the p-vlaue of Z when X = 5% * 667 = 33.35
Since,
Z = (X - u) / SD
We have;
Z = (33.35 - 26.68) / 5.06
Z = 1.32
From the Z-table, the p-value of 1.32 is 0.9066
1 - 0.9066 = 0.0934, or 9.34%
Therefore, the probability that the proportion of flops in a sample of 667 released films would be greater than 5% is 9.34%.