Mike D. answered • 08/05/20

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Azhad

For the first we need the probability that X < 625

When X = 625, Z = (625-500)/100 = 1.25

So using an area / Z table when Z=1.25, area to left of X=625 under the standard normal is 0.8944.

so this is the probability of no penalty

Probability of penalty = 1 - 0.8944 = 0.1056

so with 50 condos. penalty approx 0.1056 x 50 = 5.28 times (round to 5 ). So 5 times.

Mike

Azhad Rizvi R.

How did we get 0.8944?08/08/20