The average price of personal computers manufactured by MNM Company is $1,200 with a standard deviation of $220. Furthermore, it is known that the computer prices manufactured by MNM are normally distributed. a. What is the probability that a randomly selected computer will have a price of at least $1,530?

The required probability is 0.066807

Explanation:

Given,

σ = 220

μ = 1200

The probability that a random selection of computer which will have the price of at least $1,530 is computed as:

P (X ≥ 1530) = 1 - P (X ≤ 1530)

= 1 - P (X - μ / σ)

= 1 - P (1530 - 1200 / 220)

= 1 - P (z ≤ 1.5)

= 1 - 0.933193

= 0.066807

Note: This 0.933193 value is taken from the z table.