Assuming that the change in daily closing prices for stocks on the New York Stock Exchange is a random variable that is normally distributed with a mean of 0.35 and a standard deviation of 0.33.
Based on this information, what is the probability that a randomly selected stock will be lower by 0.40 or more?A) 2.27
B) 0.4884
C) 0.0116
D) 0.9884
Question 2
What is the likelihood of finding a price between 3.71 and 3.85 for a gallon of gasoline from a normally distributed population of gas prices? Assume = 3.78 and = 0.05.
A) 0.4974
B) 0.9948
C) 0.8385
D) 0.2487
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