SOLUTION: Let the random variable X represent the profit made on a randomly selected day by a certain store. Assume X is normal, with a mean of $360 and standard deviation $50. What is the

Algebra ->  Probability-and-statistics -> SOLUTION: Let the random variable X represent the profit made on a randomly selected day by a certain store. Assume X is normal, with a mean of $360 and standard deviation $50. What is the      Log On


   

Question 866389: Let the random variable X represent the profit made on a randomly selected day by a certain store. Assume X is normal, with a mean of $360 and standard deviation $50.
What is the maximum amount will the store make at the probability is approximately 60% on a randomly selected day.

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
invNorm(.60) = .2533
.2533 = (X-360)/50
$50(.2533) + $360 = X = $372.67