Statistics

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team members estimated that a group of participants spent an average of $90.00 with a standard deviation of $15.00. What is the maximum amount that you can spend and still be in the lowest 20%? and the minimum that you need to be in the highest 15%?

  • Statistics -

    Z = (score-mean)/SD

    Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the smaller proportions (.2000 and .1500) and their respective Z scores. Insert into the above equation to find the max and min.

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