Peak Previously Played Picks buys and sells used sports equipment.For the past year,the mean purchase of used sports equipment was $36 with a standard deviation of $8.Using the Microsoft Excel function NORM.DIST,find the probability that the next person who comes in to sell used equipment will be paid less than $20.

A) 2.28%
B) 69.15%
C) 100.00%
D) 97.73%

Question

Kelly Mcnamara · Accepted Answer

Final Answer : A, Explanation :  Using the formula for z-score:z = (x - μ) / σWhere x = 20, μ = 36, and σ = 8z = (20 - 36) / 8 = -2Using the NORM.DIST function in Excel:=NORM.DIST(-2,0,1,TRUE)This gives us a probability of 0.0228, or 2.28%.Therefore, the answer is A) 2.28%.

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