Probability that selected household spends more groceries

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Reference no: EM13118010

It has been reported that households in the West spend an annual average of $6050 for groceries. Assume a normal distribution with a standard deviation of $1500.

a. What is the probability that a randomly selected Western household spends more than $6350 for groceries?

b. How much money would a Western household have to spend on groceries per year in order to be at the 99th percentile (i.e., only 1% of Western households would spend more on groceries)?

Reference no: EM13118010

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