Examlex

Solved

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 role of profits and losses in the allocation of society's resources.
Comprehend the basic principles of loan interest, including factors affecting interest rates and the relation between loan size and period.
Identify the characteristics of economic resources and differentiate between them (e.g., land, labor, capital).
Understand the notion of the time-value of money and its implications for financial decisions.

Definitions:

Investment Interest Expense

The cost of interest on money borrowed to purchase taxable investments, which can sometimes be deducted from income for tax purposes.

Job Hunting

The process of actively seeking new employment, including activities such as applying for jobs, networking, and interviewing.

Deductible

The amount that a taxpayer must pay out-of-pocket before an insurance company will pay any expenses.

Unreimbursed Employee Business Expenses

Expenses employees incur in the course of performing their job that are not reimbursed by the employer.

Related Questions