2 peer replies must be 100 words each

Responses should be a minimum of 100 words and may include direct questions. In peer responses, compare the probabilities that I found with those of my classmates. Were they higher/lower and why? In the responses, refer to the specific data from my classmates’ posts that I will include.

PEER 1 (William): I thought the excel assignment for this weeks forum was easy to understand after completing last weeks assignment. The assignment asks us to find four different probabilities for the next 4 cars that are sampled. First, we must calculate a new standard deviation using the central limit theorem. In excel this looks like, =oldSD/SQRT(4) because the new sample size is 4. The new standard deviation is 13071.36, and I will use the same mean 36720.00.

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The first question asks us to find the probability that (x<36,220). In excel I enter =NORM.DIST(36220,36720,E18,TRUE) and get an answer of 48.47%. The second question asks us to find P(x>37,720). In excel this appears as =1-NORM.DIST(37720,E13,E18,TRUE) and receive an answer of 46.95%. The third question asks us to find P(x=36,720). In excel this appears as =NORM.DIST(E13,E13,E18,FALSE). The chances of this happening are very slim and we receive an answer of 0.00%. Finally, the assignment asks us to find P(35,220<x<38220). In excel this appears as =NORM.DIST(38220,E13,E18,TRUE)-NORM.DIST(35220,E13,E18,TRUE). The answer is 9.14%.

PEER 2 (Rash):

  1. For the next 4 cars that are sampled, what is the probability that the price will be less than $500 dollars below the mean? Make sure you interpret your results.
    1. In order to find the what the probability will be for 4 cars that is less than $500 below the mean. We would use the formula p(x<50544). This would tell us that 49.13% of cars will be below the $50,544 mean.
  2. For the next 4 cars that are sampled, what is the probability that the price will be higher than $1000 dollars above the mean? Make sure you interpret your results. Use the same logic as above.
    1. In order to find the what the probability will be for 4 cars that is higher than $1000 above the mean. We would use the formula p(x>52044). This would tell us that 48.54% of cars will be below the $52,044 mean.
  3. For the next 4 cars that are sampled, what is the probability that the price will be equal to the mean? Make sure you interpret your results. Use the same logic as above.
    1. In order to find what the probability will be for 4 cars that is equal to the mean. We would use the formula p(x=51044). This would tell us that 1.45% of cars will be equal to mean.
  4. For the next 4 cars that are sampled, what is the probability that the price will be $1500 within the mean? Make sure you interpret your results. Use the same logic as above.
    1. In order to find what the probability will be for 4 cars that is within $1500 of the mean. We would use the formula p(50544<X<49544). This would tell us that 1.45% of cars will be within the mean.