The probability that the price of the used car is less than $65 is 0.55962.
Here it is given that the price of the used car has a mean of $50 and a variance of $100.
Since it follows normal distribution X~N(μ, σ²)
where,
μ = 50
σ = 100
Here we need to find the probability P(X < 65)
To find this we need to convert the distribution to the standard normal form, N~(0, 1)
We know,
P(X < (x - μ)/ σ) = Φ(Z)
Therefore we get
P(X < (65 - 50)/ 100)
Solving this we get the Z value
= Φ(0.15)
From the Z table, we can get our p-value.
= 0.55962
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