You Were Told That the Amount of Time Elapsed Between

question 170

Short Answer

You were told that the amount of time elapsed between consecutive trades on a foreign stock exchange market followed a normal distribution with a mean of 15 seconds.You were also told that the probability that the time elapsed between two consecutive trades to fall between 16 to 17 seconds was 13%.The probability that the time elapsed between two consecutive trades would fall below 13 seconds was 7%.What is the probability that the time elapsed between two consecutive trades will be between 13 and 16 seconds?

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Definitions:

Equivalent Unit

A measure used in cost accounting to express the amount of work done on a product in terms of fully completed units.

Weighted-Average Method

A process costing method that calculates unit costs by combining costs and outputs from the current and prior periods.

Percentage Completion

A measure used in accounting and project management to indicate the progress of projects or production, based on the completion percentage of the total work.

Process Costing System

A method used to assign production costs to units of product when nearly identical products are mass produced.