
David W. answered 01/06/20
Experienced Prof
You should memorize thus rule: (from Wikipedia) "In statistics, the 68–95–99.7 rule, also known as the empirical rule, is a shorthand used to remember the percentage of values that lie within a band around the mean in a normal distribution with a width of two, four and six standard deviations, respectively; more accurately, 68.27%, 95.45% and 99.73% of the values lie within one, two and three standard deviations of the mean, respectively. "
"a mean of $400 and a standard deviation of $50"
Between $350 to $450: 68.27% [one SD from 400]
Between $300-to $500: 95.45% [two SD from 400]
Now,,draw those if needed.. The percent (which represents probability) between one SD and two SD's [note: in either direction] is:
95.45% - 68.27% = 27.18%
The probability of being between $450 and $500 is half that .
P[$450 to $500) = 13.59%