Explore BrainMass

Automobile Pricing: Probability

The automobile prices of the top 100 selling cars in the U.S. are normally distributed with a mean of $40,000 and a standard deviation of $5,000.
What is the probability that a randomly selected auto will have a price of at least $47,500?

Solution Preview

Since the mean is m = 40,000, the standard deviatio is u = 5000, let X represent the ...

Solution Summary

Solution to problem.