To find the percentage of utility companies that earned revenue greater than 95 million dollars, we need to find the Z-score corresponding to 95 million dollars, then find the percentage of companies with revenue greater than that Z-score.
First, we calculate the Z-score:
Z = (X - μ) / σ
Z = (95 - 70) / 13
Z = 25 / 13
Z ≈ 1.92
Next, we look up the Z-score of 1.92 in a standard normal distribution table or use a calculator to find that approximately 97.84% of the data falls below a Z-score of 1.92.
Since we want to find the percentage of companies with revenue greater than 95 million dollars, we subtract 97.84% from 100%:
100% - 97.84% = 2.16%
Therefore, approximately 2.16% of utility companies earned revenue greater than 95 million dollars.
You want to know the percentage of utility companies that earned revenue greater than 95 million dollars. If the mean revenue was 70 million dollars and the data has a standard deviation of 13 million, find the percentage. Assume that the distribution is normal. Round your answer to the nearest hundredth.
1 answer