Posted by Christian on Tuesday, October 11, 2011 at 3:13pm.
"A study has shown that 20% of all college textbooks have a price of $90 or higher. It is known that the standard deviation of the prices of all college textbooks is $9.50. Suppose the prices of all college textbooks have a normal distribution. What is the mean price of all college textbooks?"
I have S.D. = 9.5, P = 20% = .2, and I don't know where to go from here. I know the answer is $82 based on a calculator online, but I can't find out how to use the ztable to go from a probability/S.D. to a zvalue to plug into X = u + S.D.*z How do I use the ztables when given a percentage that is outside the bounds of the table? Mine only goes from .1 to .0005, so there are no listed values for .2

Engineering Statistics  MathMate, Tuesday, October 11, 2011 at 5:14pm
Take a zchart, for example:
http://www.math.unb.ca/~knight/utility/NormTble.htm
20% of all books are $90 or higher, which means 80% of all books are $90 or lower.
Look up the chart for 0Z (first chart in the above link) for 0.800. You'll find it on the row 0.8, and between columns 0.04 and 0.05 which gives approx. 0.842 SD from the mean after interpolation.
The mean price is therefore $900.842*9.5=$82.

Engineering Statistics  bob, Thursday, November 15, 2012 at 11:58pm
what numbers did u plug in for z and x
in the formula z=xu divided by the s.d
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