The Amount of Time Spent by Australian Adults Playing Sports

question 17

Short Answer

The amount of time spent by Australian adults playing sports per day is normally distributed, with a mean of 4 hours and standard deviation of 1.25 hours. Find the probability that if four Australian adults are randomly selected, all four play sport for more than 5 hours per day.

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Definitions:

Computed Net

An amount calculated after accounting for all relevant adjustments, deductions, and allowances.

Annuity

A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.

Present Value Tables

Tables utilized in finance to determine the present value of a sum that will be received at a future date by applying a specific discount rate.

Original Investment

The initial amount of money put into a project, asset, or business, used as a basis for determining future returns or profitability.