Post a New Question

math

posted by .

A study of Hub Furniture regarding the payment of invoices reveals the time from billing until payment is received follows the normal distribution. The mean time until payment is received is 20 days and the standard deviation is 5 days.

a. What percent of the invoices are paid within 15 days of receipt?

b. What percent of the invoices are paid in more than 28 days?

c. What percent of the invoices are paid in more than 15 days but less than 28 days?

d. The management of Hub Furniture wants to encourage their customers to pay their monthly invoices as soon as possible. Therefore, it announced that a 2 percent reduction in price would be in effect for customers who pay within 7 days of the receipt of the invoice. What percent of customers will earn this discount?

  • math -

    Z = (x - mean)/standard deviation

    Find the respective Z scores forthe problems and look up the proportions cut off in a table in back of your stat book labeled something like "areas under the normal distribution." Convert these to percentages.

    For example:

    a. Z = (15 - 20)/5 = -5/5 = -1

    On the table, that would be approximately 16%.

    Use this method to do the other problems.

    I hope this helps.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Medical billing and coding

    Which of the following reimbursement methodologies determines payment before services are received?
  2. Math

    A study of Hub Furniture regarding the payment of invoices reveals the time from billing until payment is received follows the normal distribution. The mean time until payment is received is 20 days and the standard deviation is 5 …
  3. math

    Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) $500 …
  4. Math

    Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) $500 …
  5. Math

    Calculate the monthly finance charges for the following credit card transaction, assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. $500 balance, 20% rate, $400 payment, average …
  6. Math

    Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Assume 365 days in a year. (Round your answer …
  7. math

    Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) $300 …
  8. math

    Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) $500 …
  9. Algebra

    The Smith family made an $800 down payment and pays $75 a month for new furniture. At the same time the Cooper family made a $500 down payment and pays $95 a month for their new furniture. How many months until the amounts they have …
  10. math

    Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long Balance: $200 Rate: 18% Payment: $50 Method: Adjusted balance

More Similar Questions

Post a New Question