Answer:
From $1600 to $3400.
Step-by-step explanation:
The Empirical Rule states that, for a normally distributed random variable:
68% of the measures are within 1 standard deviation of the mean.
95% of the measures are within 2 standard deviation of the mean.
99.7% of the measures are within 3 standard deviations of the mean.
In this problem, we have that:
Mean = 2500
Standard deviation = 300
What interval of dealer incentives would we expect approximately 99.7% of vehicles to fall within?
By the Empirical Rule, 99.7% fall within 3 standard deviations frow the mean. So
From 2500 - 3*300 = 1600 to 2500 + 3*300 = 3400.
99.7% if the vehicles are within $1600 and $3400
Empirical rule states that for a normal distribution, about 68% falls within one standard deviation from the mean, 95% falls within two standard deviation from the mean and 99.7% falls within three standard deviations from the mean.
99.7% = mean ± 3 * standard deviation = 2500 ± (3 * 300) = (1600, 3400)
99.7% if the vehicles are within the price $1600 and $3400
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