Question: We've looked at some other data and know that the time taken to complete a transaction (in minutes) follows a normal distribution. Can you help management a little bit by providing basic summary statistics on the data we have on this variable from the survey (i.e., mean, standard deviation, sample size)? With that information can you calculate the following probabilities: a. The probability a customer will experience a transaction that takes less than five minutes to complete? b. The probability a customer will experience a transaction that takes more than eight minutes to complete? c. The probability a customer will experience a transaction that takes between three and six minutes to complete?
With this request in Question 4, we need you to be as accurate as possible on this so please use the in-built normal probability tables in Excel rather than those printed in your lecture notes/textbook.
Data from question: how to plot in probably table though??
Less than 5: average = 2.61, standard deviation = 1393.26 and sample size = 18
More than 8: average = 8.15, standard deviation = 1423.49, sample size = 13
Between 3 and 6: average = 5.05, standard deviation = 2.41 and sample size = 43