The annual sales of romance novels follow the normal distribution. However, the mean and

Chapter 0, Problem 67

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QUESTION:

The annual sales of romance novels follow the normal distribution. However, the mean and the standard deviation are unknown. Forty percent of the time sales are more than 470,000, and 10 percent of the time sales are more than 500,000. What are the mean and the standard deviation?

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QUESTION:

The annual sales of romance novels follow the normal distribution. However, the mean and the standard deviation are unknown. Forty percent of the time sales are more than 470,000, and 10 percent of the time sales are more than 500,000. What are the mean and the standard deviation?

ANSWER:

Step 1 of 4

Given:

Let us determine the z-score that corresponds with a probability of  in the normal probability table of the appendix. We note that the closest probability is  which lies in the row  and in the column  of the normal probability table and thus the corresponding z-score is then .

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