SOLUTION: The owner of a computer repair shop has determined that their daily revenue has mean $7200 and a standard deviation $1200. The daily revenue totals for the next 30 days will be mon
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Question 1077580: The owner of a computer repair shop has determined that their daily revenue has mean $7200 and a standard deviation $1200. The daily revenue totals for the next 30 days will be monitored. What is the probability that a mean daily revenue for the next 30 days will exceed $7500?
a. Sketch, shade and label graph
b. Calculate the standard error
c. Calculate the probability (Don’t forget to indicate the calculator menu you used)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
For the mean daily revenue, the sampling distribution is mean 7200 and sd 1200/sqrt(30). SE is 219.09
probability z > (7500-7200)/1200/sqrt(30)
z>300*sqrt(30)/1200 or (1/4)sqrt(30)=1.3693
probability is 0.0855
2nd VARS 2 input 2nd ANS, 6, ENTER
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