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    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?

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    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 ...

    Solution Summary

    Normal Probability for paying accounts for a local wholesalers.

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