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Average annual profit of small businesses

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Suppose that the average annual profit of small businesses is $250,000 with a standard deviation of $40,000. Assume that the revenue distribution is normal. What is the probability that one business selected at random makes less than $245,000? (Take your answer to four decimal points.)

Suppose that the average annual profit of small businesses is $250,000 with a standard deviation of $40,000. Assume that the revenue distribution is normal. What is the probability that the average annual revenue of a random sample of 25 businesses is less than $245,000? (Take your answer to four decimal points.)

Look at your answers for the two previous questions (about the small business revenue). Why are your answers to the previous two questions different?

Reference no: EM132483646

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