The Price of a Gallon of Milk Follows a Normal

question 94

Multiple Choice

The price of a gallon of milk follows a normal distribution with a mean of $3.20 and a standard deviation of $0.10. Find the price for which 12.3% of milk vendors exceeded.

• A) $3.316
• B) $3.084
• C) $3.215
• D) $3.238

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Definitions:

Expected Value

The calculated average of all possible values in a probability distribution, weighted by their probabilities.

Bank Officers

Individuals responsible for overseeing the day-to-day operations and financial matters of a bank.

Relocated

Refers to something that has been moved to a new place or position.

Probability

A measure quantifying the likelihood that an event will occur, expressed as a number between 0 and 1.