The Federal Reserve reports that the mean lifespan of a five dollar bill is 4.9 years

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The Federal Reserve reports that the mean lifespan of a five dollar bill is 4.9 years.   Let’s suppose that the standard deviation is 1.8 years and that the distribution of lifespans is normal

Find: 

(a) the probability that a $5 bill will last less than 6 years.

(b) the probability that a $5 bill will last between 3 and 5 years.

(c) the 98th  percentile for the lifespan of these bills (a time such that 98% of bills last less than that time).

(d ) the probability that a random sample of 35 bills has a mean length of more than 5.5 years.

 

  • 11 years ago
The Federal Reserve reports that the mean lifespan of a five dollar bill is 4.9 years
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