Question

You want to know the percentage of utility companies that earned revenue greater than 94 million dollars. If the mean revenue was 60 million dollars and the data has a standard deviation 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 utility companies that earned revenue greater than 94 million dollars, we need to calculate the z-score for a revenue of 94 million dollars:

z = (X - μ) / σ
z = (94 - 60) / 15
z = 2.27

Now, we need to find the percentage of utility companies with a z-score greater than 2.27. This can be done using a standard normal distribution table or calculator.

Using a calculator, the percentage of values greater than 2.27 in a standard normal distribution is approximately 1.18%.

Therefore, approximately 1.18% of utility companies earned revenue greater than 94 million dollars.