Markup is the amount added to the cost price of goods to cover overhead and profit.
Sue’s Corner Market has a markup of 60% on bottled water.
Let us say original price was $x.
Now price after markup is $2.
So we can make an equation like:
original price + markup price = price after markup
x + 60% of x =2
dividing both sides by 1.6
x= 1.25
So original price was 1.25 dollars.
Answer:
The approximate probability that the mean of the rounded ages within 0.25 years of the mean of the true ages is P=0.766.
Step-by-step explanation:
We have a uniform distribution from which we are taking a sample of size n=48. We have to determine the sampling distribution and calculate the probability of getting a sample within 0.25 years of the mean of the true ages.
The mean of the uniform distribution is:
The standard deviation of the uniform distribution is:
The sampling distribution can be approximated as a normal distribution with the following parameters:
We can now calculate the probability that the sample mean falls within 0.25 from the mean of the true ages using the z-score: