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You Were Told That the Amount of Time Lapsed Between

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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?


Definitions:

Outgroup Homogeneity Effect

cognitive bias referring to the tendency to see members of an outgroup as more similar to each other than members of one's ingroup.

Similar

Having traits or characteristics in common; alike in substance or essentials.

Individuals

Separate and distinct entities often referenced in the context of discussing unique persons or single members of a group.

Ethnocentrism

The belief that one's own culture, nation, or ethnicity is superior to all others.

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