You Were Told That the Amount of Time Lapsed Between

question 50

Short Answer

You were told that the amount of time lapsed between consecutive trades on the New York Stock Exchange followed a normal distribution with a mean of 15 seconds. You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%. The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%. What is the probability that the time lapsed between two consecutive trades will be between 14 and 15 seconds?

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Definitions:

Distributed

The process of spreading things or people over a wide area or among a large number of recipients.

Enthymeme

A rhetorical form of argument wherein one premise is not explicitly stated, relying on the audience's ability to fill in the gap.

Validity

A property of logical or analytical statements where the conclusion logically follows from the premises.

Unstated Premise

An implicit assumption or belief that is not explicitly expressed but is necessary for an argument's conclusion to hold.