Solve the Problem. -Suppose That Replacement Times for Washing Machines Are Normally Distributed

question 33

Multiple Choice

Solve the problem.
-Suppose that replacement times for washing machines are normally distributed with a mean of 9.3 years and a standard deviation of 1.1 years. Find the probability that 70 randomly selected washing machines will have a mean replacement time less than 9.1 years.

• A)0.0714
• B)0.0643
• C)0.4357
• D)0.4286

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Definitions:

Expenditure

The action of spending funds or the amount of money spent on goods, services, or other expenses.

Gross Domestic Product

The total market value of all finished goods and services produced within a country's borders in a given time period, reflecting the overall economic health.

GDP Deflator

An economic metric that converts the nominal Gross Domestic Product into Real GDP by adjusting for price level changes, representing the price inflation or deflation within an economy.

Inflation Rate

The annual rate at which the cost of goods and services in an economy rises, representing a general upward trend in prices over time.