What is the probability that a randomly selected family of


1. The mean amount spent by a family of four on food per month in U.S. is unknown, but we assume that the distribution of the food costs is normal. A research firm selected 100 families and found that the mean amount is $500 with a standard deviation of $75. What is the probability that a randomly selected family of four spends less than $480 per month? (Round your answer to 4 decimal places.) 

Solution Preview :

Prepared by a verified Expert
Financial Management: What is the probability that a randomly selected family of
Reference No:- TGS01285140

Now Priced at $12 (50% Discount)

Recommended (98%)

Rated (4.3/5)