Answered: Shaver Manufacturing Inc. offers dental…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Shaver Manufacturing Inc. offers dental insurance to its employees. A recent study by the human resource director shows the annual cost per employee per year followed the normal probability distribution, with a mean of $1,280 and a standard deviation of $420 per year. Use Appendix B.3.

What probability of the employees costs between $1,500 and $2,000 per year? (Round z-score computation to 2 decimal places and your final answer to 4 decimal places.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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