SOLUTION: Given: mean is $25 and standard deviation is $8. Find dollar amount such that 80% of all customers spend atleast this amount.

Question 414462: Given: mean is $25 and standard deviation is $8. Find dollar amount such that 80% of all customers spend atleast this amount.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Given: mean is $25 and standard deviation is $8. Find dollar amount such that 80% of all customers spend at least this amount.
---
Find the z-value with a left tail of 20%.
invNorm(0.2) = -0.8416
---
Find the corresponding x-value:
x = zs + u
x = -0.8416*8 + 25 = $18.27
=================
Cheers,
stan H.
RELATED QUESTIONS
Suppose it is known that the distribution of purchase amounts by customers entering a... (answered by stanbon)

1) Suppose it is known that the distribution of purchase amounts by customers entering a (answered by Boreal)

The management of a supermarket wants to adopt a new promotional policy of giving a free... (answered by Theo)

1. A supermarket manager has determined that the amount of time customers spend in the... (answered by tommyt3rd)

find the value of P(|X|<28) given that X is normally distributed with mean 25 and... (answered by rothauserc)

I Attempt all questions show all the necessary steps in your work 1. If P(A) =1/3 and... (answered by lynnlo)

Tthe mean amount purchased by each customer at a casino is 23.50 euros. The population is (answered by stanbon)

The amount of calories consumed by customers at the Chinese buffet is normally... (answered by Boreal)