A Class Takes an Exam Where the Average Time to Complete

question 43

Essay

A class takes an exam where the average time to complete the exam is normally distributed with a time of 40 minutes and standard deviation of 9 minutes. If the class lasts 1 hour, what percent of the students will have turned in the exam after 60 minutes?

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Definitions:

Discounted Note

A financial instrument, such as a promissory note, that is sold or bought at less than its face value. The discount represents the interest or fees earned by the buyer of the note.

Interest Expense

The cost incurred by an entity for borrowing funds, typically reported on the income statement.

Notes Payable

Written promises to pay specified sums of money at future dates, representing liabilities or debt owed by a company.

FICA Tax

Federal Insurance Contributions Act tax, a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.