You Were Told That the Amount of Time Lapsed Between

question 147

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 17 seconds?

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Definitions:

Farmland

Land used for farming purposes to grow crops and rear animals, constituting a primary resource for agricultural activities and food production.

Water Shortages

Situations where the available supply of water is not sufficient to meet the demands of the population.

Tradeable Property Rights

Legal rights that allow owners to sell, lease, or otherwise transfer their property or its use to others.

Monopoly

An economic scenario where only one seller exists who offers a distinctive product to the marketplace.