The Average Amount Customers at a Certain Grocery Store Spend

question 102

Short Answer

The average amount customers at a certain grocery store spend yearly is $732.15. Assume the
variable is normally distributed. If the standard deviation is $51.91, find the probability that a
randomly selected customer spends less than $742.53.

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Definitions:

Insurance Expense

Insurance expense is the cost incurred by a company to obtain coverage against risks, reported as a non-operating expense.

Property Tax

Taxes levied by local governments based on the assessed value of real estate property owned.

Accounts Receivable

An asset, which is a claim against the customer created by selling merchandise or services on credit.

Credit Sales

Sales made on credit, where the payment from the customer is received at a later date.