Not everyone pays the same price for the same model of a car. The figure illustrates a normal distribution for the prices paid for a particular model of a new car. The mean is
Use the 68-95-99.7 Rule to find the percentage of buyers who paid more than
Price of a Model of a New Car (Thousands)
The percentage of buyers who paid more than
Final Answer: The percentage of buyers who paid more than $27,000 is
Step 1 :The problem is asking for the percentage of buyers who paid more than
Step 2 :The 68-95-99.7 rule, also known as the empirical rule, states that for a normal distribution, almost all values lie within 3 standard deviations of the mean. More specifically, 68% of the data falls within the first standard deviation from the mean, 95% fall within two standard deviations, and 99.7% fall within three standard deviations.
Step 3 :In this case, a price of $27,000 is 3 standard deviations above the mean. According to the empirical rule, 99.7% of the data falls within three standard deviations of the mean.
Step 4 :This means that the percentage of buyers who paid more than $27,000, which is more than 3 standard deviations above the mean, is 100% - 99.7% = 0.3%.
Step 5 :Final Answer: The percentage of buyers who paid more than $27,000 is