An item is regularly priced at $83. It is on sale for 95% off the regular price.
2 answers:
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Part a is correct.
Part b can be done a couple ways.
1) Use binomial distribution. p = 0.2, n = 144
P(x>3) = 1 - P(x=0) -p(x=1) -p(x=2) -p(x=3)
where
2) Assume a normal distribution with mean = 28.2, stdev = 4.8
Look up z-value in normal table to find probability.
Hope that helps.
Part b can be done a couple ways.
1) Use binomial distribution. p = 0.2, n = 144
P(x>3) = 1 - P(x=0) -p(x=1) -p(x=2) -p(x=3)
where
2) Assume a normal distribution with mean = 28.2, stdev = 4.8
Look up z-value in normal table to find probability.
Hope that helps.