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A Gym Knows That Each Member,on Average,spends 70 Minutes at the Gym

question 44

Essay

A gym knows that each member,on average,spends 70 minutes at the gym per week,with a standard deviation of 20 minutes.Assume the amount of time each customer spends at the gym is normally distributed.
A)What is the probability that a randomly selected customer spends less than 65 minutes at the gym?
B)Suppose the gym surveys a random sample of 49 members about the amount of time they spend at the gym each week.What is the expected value and standard deviation of the sample mean of the time spent at the gym?
C)If 49 members are randomly selected,what is the probability that the average time spent at the gym exceeds 75 minutes?

Recognize the tools and analyses used in product development strategy and decision-making.

Comprehend the importance of product design in a firm's operational strategy and competitiveness.

Grasp the concept and stages of the product life cycle and strategies applicable at each stage.

Understand concurrent engineering and its impact on product development.

Definitions:

Identification

The act of identifying or confirming the identity of an individual or object.

Risk of Loss

The potential for an investment or venture to result in financial loss, a fundamental consideration in finance and insurance.

Sales Contract

A legal agreement between a buyer and seller detailing the terms and conditions of a sale of goods or services.

Insurance Coverage

A contractual agreement where an insurer agrees to compensate the insured for specific losses or damages in exchange for premiums paid.