Answer :
The probability that the mean daily revenue for the next 30 days will be less than $7000 IS 0.7333
SD of the sample is equal to the population's SD divided by the square root of the sample's item count.
SD of the sample = [tex]1200/\sqrt{30} = 219.09[/tex]
SD of the sample is equal to the population's SD divided by the square root of the sample's item count.
To reach a result of 300, divide 7500 by the mean of 7200. 300 divided by the sample's SD (219.09) yields a result of 1.37. A z-table search for +1.37 returns a result of 0.9147. Accordingly, there is a 0.9147 percent chance that the average daily revenue over the following 30 days will be less than $7500.
To get a result of -200, divide 7000 by the mean of 7200. Divide -200 by the sample's standard deviation (219.09), and you'll get -0.91. search for -0.91 in a z-table receive a score of 0.1814. The likelihood that the mean daily revenue for the following 30 days would be less than $7000 is therefore 0.1814.
Simply subtract the likelihood that the mean daily revenue is less than $7000 (0.1814) from the likelihood that the mean daily revenue is less than $7500 (0.9147) to arrive at the probability that the mean daily revenue for the upcoming 30 days will be between $7000 and $7500. This yields a result of 0.7333.
There is a 73.33% chance that the average daily income over the following 30 days will be less than $7000.
To learn more about mean :
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