Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will spend at least $18 per month. How much (or more) do the top 7% of customers spend? What is the probability that a customer will spend at least $18 per month? 0.7475 (Round to four decimal places as needed.) How much do the top 7% of customers spend? (Round to the nearest cent as needed.)

Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will spend at least $18 per month. How much (or more) do the top 7% of customers spend? What is the probability that a customer will spend at least $18 per month? 0.7475 (Round to four decimal places as needed.) How much do the top 7% of customers spend? (Round to the nearest cent as needed.)

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter5: Probability: An Introduction To Modeling Uncertainty

Section: Chapter Questions

Problem 32P: Assume that the traffic to the web site of Smileys People, Inc., which sells customized T-shirts,...

See similar textbooks

Similar questions

The quarterly sales data (number of copies sold) for a college textbook over the past three years are as follows: a. Construct a time series plot. What type of pattern exists in the data? b. Use a regression model with dummy variables as follows to develop an equation to account for seasonal effects in the data: Qtr1 = l if quarter l, 0 otherwise; Qtr2 = l if quarter 2, 0 otherwise; Qtr3 = 1 if quarter 3, 0 otherwise. c. Based on the model you developed in part (b), compute the quarterly forecasts for next year. d. Let t = 1 to refer to the observation in quarter 1 of year 1; t = 2 to refer to the observation in quarter 2 of year 1; ; and t = 12 to refer to the observation in quarter 4 of year 3. Using the dummy variables defined in part (b) and t, develop an equation to account for seasonal effects and any linear trend in the time series. e. Based upon the seasonal effects in the data and linear trend, compute the quarterly forecasts for next year. f. Is the model you developed in part (b) or the model you developed in part (d) more effective? Justify your answer.
Assume that the traffic to the web site of Smileys People, Inc., which sells customized T-shirts, follows a normal distribution, with a mean of 4.5 million visitors per day and a standard deviation of 820,000 visitors per day. a. What is the probability that the web site has fewer than 5 million visitors in a single day? b. What is the probability that the web site has 3 million or more visitors in a single day? c. What is the probability that the web site has between 3 million and 4 million visitors in a single day? d. Assume that 85% of the time, the Smileys People web servers can handle the daily web traffic volume without purchasing additional server capacity. What is the amount of web traffic that will require Smileys People to purchase additional server capacity?
For the following economic calculations, write the factors (multipliers) that should be used,in (i) using the parameter values, and in (ii) calculate the result by showing your computations. Write the results you find in the spaces left. (Use factors for your calculations.)EXAMPLE: If you deposit $ 100 to a bank account that earns 8% annual interest, how much money will you have in this account after five years?(i)(F/P, 8%, 5) (ii)146.93100 * (F/P, 8%, 5) = 100 * 1.4693 = 146.93 TLa. You plan to take a credit with $1500 installment size per year with an annual interest rate of 8% over six years from a bank. What is the amount of your current credit?(i) (ii)b. A bank is required to deposit money for four years with an interest rate 10%. The money deposited at the end of the first year is 6000 TL and the amount of money deposited in the next three years will be reduced by 500 TL every year. How much money will be in the bank at the end of the fourth year?(i) (ii)
ind each Poisson probability, using a mean arrival rate of 10 arrivals per hour. (a) Seven arrivals. (Round your answer to 4 decimal places.) Poisson probability (b) Three arrivals. (Round your answer to 4 decimal places.) Poisson probability (c) Fewer than five arrivals. (Round your answer to 4 decimal places.) Poisson probability (d) At least 11 arrivals. (Round your answer to 4 decimal places.) Poisson probability
The following real‐time data on April 21, 2010 has been compiled from various sources on the web: S0 = €0.74/US$ F90 = €0.74/US$ IUS = 0.062% per quarter IEurozone = 0.25% per quarter Use the data to check if the IRP holds
Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly rate of r as a decimal. Then, the balance B of the account after t months is given by B = D(1 + r) (1 + r)t − 1 r dollars. Suppose you deposit $160 at the beginning of each month into an account that pays a monthly rate of r = 0.005, which corresponds to an APR of 6%. How long does it take for the account balance to build to $2600? Report your answer to the nearest whole month. months
You have a credit card with an APR of 22.8%. You begin with a balance of $1000, in response to which you make a payment of $250. The first month you make charges amounting to $500. You make a payment of $250 to reduce the new balance, and the second month you charge $600. Complete the following table. (Round your answers to the nearest cent.) Previous Finance New Payments Purchases balance charge balance Month 1 $1000 %24 Month 2 $
A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement balance of $3,651.21. If there are $791.25 in purchases and a payment of $210.00 in the next month, what will be the next minimum monthly payment? Pls explain step by step.
You open an account where you deposit $500 today. Further, you deposit $800 at the beginning of next year, withdraw $250 at the beginning of year two and deposit $450 at the beginning of year 3. The return for year 1 is 6%, for year 2 it is -8%, for year 3 it is 4.5% and for year 4 it is -2%. What is your dollar-weighted or money-weighted return (in percent) for the four-year period? Answer to two decimals. O -1.45 -6.95 -11.92
Pierre Martina is comparing the cost of credit to the cash price of an item. If Pierre makes a $150 down payment and pays $37 a month for 24 months, how much more will that amount be than the cash price of $752? (Input the amount as a positive value.)
please help answer Complete the two tables below using the information provided and assume a VAT rate of 15%
Suppose we regress individuals' health insurance coverage status on yearly earnings (unit: $1,000), we get P = 0.10 + 0.009 • X, where Y is a dummy equal to 1 if the person is covered by health insurance and 0 otherwise. X is yearly earning. Assume that the average health insurance coverage rate among the studied sample is 0.2. a. What is the percentage point increase in health insurance coverage rate if yearly earning increases by $2,000? b. what is the percentage increase (relative to sample mean) in health insurance coverage %3D rate if yearly earning increases by $2,000?