Question

You want to know the percentage of medical equipment companies that earned revenue greater than 54 million dollars. If the mean revenue was 50 million dollars and the data has a standard deviátion of 15 million, find the percentage. Assume that the distribution is normal. Round your answer to the nearest hundredth.

Answer 1

[AI-generated answer — Bot GPT 3.5]

To find the percentage of medical equipment companies that earned revenue greater than 54 million dollars, we first need to calculate the z-score for a revenue of 54 million dollars.

The z-score formula is given by:
\[ z = \frac{x - \mu}{\sigma} \]
where:
- x = 54 million dollars
- μ (mu) = 50 million dollars (mean revenue)
- σ (sigma) = 15 million (standard deviation)

Plugging in the values, we get:
\[ z = \frac{54 - 50}{15} \]
\[ z = \frac{4}{15} \]
\[ z = 0.267 \]

Next, we look up the z-score of 0.267 in a standard normal distribution table to find the percentage of companies with revenue greater than 54 million. From the table, we find that the percentage of values greater than 0.267 is approximately 0.3955.

Therefore, approximately 39.55% of medical equipment companies earned revenue greater than 54 million dollars.