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The weekly amount of money spent on repairs and maintenance by a company was observed over a long period of time to be approximately normally distributed with a mean of $400 and standard deviation of $20. If $450 is budged for next week for repairs, what is the probability that th eactual costs will exceel the budgeted amount?

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Answer:

Mean = 400

Sd= 20

Hypothesis Costs > 450

(400-450)/20

=-50/20= -2.5 is the value

look up the z value in the z table

Probability= 0.0054

=0.54% chances that the costs will exceed the budgeted amount

Explanation:

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