SOLUTION: A study has shown that 20% of all university textbooks have a price greater than or equal to £40. It is known that the standard deviation of the prices of all university textbooks
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Question 880843: A study has shown that 20% of all university textbooks have a price greater than or equal to £40. It is known that the standard deviation of the prices of all university textbooks is £6. If the prices of all university textbooks follow a normal distribution, then work out the average (mean) price.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
z = invNorm(.80) = (x-bar-40)/6
6invNorm(.80)+ 40 = x-bar
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