Find the Cost

question 36

Short Answer

Find the cost. Take out to 3 decimal places (mill).

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Definitions:

Histogram

A graphical representation of the distribution of numerical data, typically showing the number of data points that fall within a range of values, divided into bins or intervals.

Simulation

The act of mimicking the operation of a real-world process or system over time, often via computer models.

Central Limit Theorem

A fundamental theorem in statistics stating that the distribution of sample means approaches a normal distribution as the sample size increases, regardless of the population's distribution.

Normal Distribution

A bell-shaped frequency distribution curve, where most of the occurrences take place around the central peak and probabilities for values taper off equally on both sides.