The graph illustrates a normal distribution for the prices paid for a particular model of HD television. The mean price paid is $2000 and the standard deviation is $65.
What is the approximate percentage of buyers who paid more than $2195?
To determine the approximate percentage of buyers who paid more than $2195, we first need to standardize the value using the z-score formula:
z = (x - μ) / σ
where:
x = value we want to standardize (in this case, $2195)
μ = mean price paid ($2000)
σ = standard deviation ($65)
Plugging in the values, we get:
z = (2195 - 2000) / 65
z = 295 / 65
z ≈ 4.54
We can then use a standard normal distribution table or a calculator to find the percentage of values that exceed z = 4.54. From a standard normal distribution table, we can find that the percentage of values beyond z = 4.54 is approximately 0.00003.
Therefore, the approximate percentage of buyers who paid more than $2195 is approximately 0.003% or 0.00003.