Purchase Solution

Normal Probability

Not what you're looking for?

Ask Custom Question

The slow paying accounts for a local wholesaler are normally distributed with a mean of 20 accounts and a standard deviation of 4 accounts.

What is the probability of randomly selecting an account and finding that it is slow?
What is the probability of selecting an accounting period that has more than 25 slow paying accounts?
What proportion of the company's business cycle would experience less than 15 customers classified as slow?
What is the probability that an auditor randomly selects a period to evaluate and finds more than 17 slow paying customers?
What are the chances of randomly selecting a period that has more than 22 or less than 16 slow paying customers?

Purchase this Solution
Solution Summary

Normal Probability for paying accounts for a local wholesalers.

Solution Preview

Standard deviation
The slow paying accounts for a local wholesaler are normally distributed with a mean of 20 accounts and a standard deviation of 4 accounts.
Answers
Let X be the number of slow paying accounts. Given that X is normal with mean µ = 20 and standard deviation  = 4.
Standardizing the variable X using and from standard normal tables, we can find the probabilities ...

Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

View More Free Quizzes
Related BrainMass Solutions

  • Probability distribution - binomial and normal distribution

    205825 Probability Find the indicated probabilities. a. P (z > -0.89) b. P (0.45 < z < 2.15) Write the binomial probability as a normal probability using the continuity correction. Binomial Probability Normal Probability c.

  • Z-score for Normal Distribution and Continuous Probability

    195140 Z-score for Normal Distribution and Continuous Probability What is the relationship between the Z-score for Normal Distribution and Continuous Probability? Z-score for normal distribution is an example of continuous probability.

  • In its standardized form, the normal distribution

    For some value of Z, the probability that a standard normal variable is below Z is 0.2090. Find value of Z? 4. For some positive value of X, the probability that a standard normal variable is between 0 and +2X is 0.1255. Find value of X?

  • Normal probability distribution

    178946 Normal probability distribution characteristics Which of the following is not a characteristic of the normal probability distribution? a. It is a discrete probability distribution. b.

  • Binomial Probability Normal Probability

    169088 Binomial Probability and Normal Probability Find the indicated probabilities. a. P (z > -0.89) b. P (0.45 < z < 2.15) Write the binomial probability as a normal probability using the continuity correction.

  • Standard Normal Distribution Table

    29891 Standard Normal Distribution Table Use the Normal Table to find the following: a) Probability (z < -2.65) b) Probability (z > -1.55) c) Probability (-2.00 < z < 2.25) d) Probability ( 1.25 < z < 2.40) Please show the steps you used to get

  • Normal approximation to binomial variable.

    89307 Binomial probability by normal curve areas Nathan wants to approximate a binomial probability by normal curve areas.

  • Binomial distribution

    What is the advantage of using the normal probability distribution to approximate the binomial probabilities?

  • How the following statistical devices can be used in business today?

    For example the monthly return for a particular stock is approximately a normal random variable and the probability distribution for the weekly sales of a corporation might be approximated by a normal probability distribution.

  • Normal Distribution

    Find z such that 95% of the standard normal curve lies to the right of z. Probability= 5.0% =100%-95% Z value corresponding to 5.%= -1.6449 Probability calculations have been made using Normal Distribution.

View More Related Solutions