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What is Normal Distribution Probability Analysis about?

A bank recorded that customers spent an average of 15.8 minutes for transactions with a standard deviation of 1.25 minutes. The problem asks for the probability that a randomly selected customer spends more than 15 minutes. This is calculated by converting 15 minutes to a z-score of -0.64 using the standard deviation. The probability is then found by referring to the standard normal distribution table and finding the area beyond -0.64, which is 0.5.

Author

Paulo Esguerra

Language

EN