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Determine the probability value using normal distribution. The mean amount purchased by a typical customer at Churchill's Grocery Store is $23.50 with a standard deviation of $5.00. Assume the distribution of amounts purchased follows the normal distribution. For a sample of 50 customers, answer the following questions.
a. What is the likelihood sample mean is at least $25.00?
b. What is the likelihood sample mean is greater than $22.50 but less than $25.00?
c. Within what limits will 90 percent of sample means occur?
How much net profit can John expect (on average) to earn from the store in total over the next five years?
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