SOLUTION: A book store owner decides to sell children�s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children�s talking books is $3

Question 285605: A book store owner decides to sell children�s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children�s talking books is $34.80 with a standard deviation of $9.50. Find the minimum price of talking books the owner should sell. Assume the variable is normally distributed.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A book store owner decides to sell children�s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children�s talking books is $34.80 with a standard deviation of $9.50. Find the minimum price of talking books the owner should sell. Assume the variable is normally distributed.
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Find the z-score with a left tail of (50-17) = 33%
and a right tail of 33%
invNorm(0.33) = -0.4399
-----------------------------------------------
Find the x-values corresponding to those z-values:
x = zs+u
x = -0.4399*9.5+34.8 = $30.62 (minimum price)
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Cheers,
Stan H.

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