The average price of gasoline lately has been hovering lately at $3.80. What is the standard deviation if the probability that a gallon of gas costs less than $3.00 is 15%?
To find the standard deviation, we need to know the distribution of gasoline prices. In this case, we know the average price of gasoline ($3.80) and the probability that the price is below a certain value ($3.00). However, we don't know the exact shape of the distribution.
To calculate the standard deviation, we need more information, such as the shape of the distribution or additional data points. The given probability that a gallon of gas costs less than $3.00 (15%) can be used to estimate certain characteristics of the distribution, but it's not sufficient to calculate the standard deviation directly.
To find the standard deviation, you would need a dataset or more specific information about the distribution of gasoline prices, such as the minimum and maximum prices, the number of data points, or additional probabilities related to different price ranges.