SOLUTION: Please help me solve this, I am getting confused on the ways to solve it Suppose that prices of a gallon of milk at various stores in one town have a mean of $3.75 with a standa

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Question 1101323: Please help me solve this, I am getting confused on the ways to solve it
Suppose that prices of a gallon of milk at various stores in one town have a mean of $3.75 with a standard deviation of $0.09. Using Chebyshev's Theorem, what is the minimum percentage of stores that sell a gallon of milk for between $3.57 and $3.93?
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website!
Suppose that prices of a gallon of milk at various stores in one town have a mean of $3.75 with a standard deviation of $0.09. Using Chebyshev's Theorem, what is the minimum percentage of stores that sell a gallon of milk for between $3.57 and $3.93?
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(3.57-3.75)/0.09 = -0.18/0.09 = -2
So 3.57 is 2 standard deviations below the mean
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(3.93-3.75)/0.09 = 0.18/0.09 = +2
So 3.93 is 2 standard deviations above the mean:
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Chbyshev says "at least (1-(1/2^2)) of the data lies within
2 standard deviations of the mean.
Ans:: (1-(1/2^2)) = 3/4 = 75%
Cheers,
Stan H.
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