Mean and standard deviation probability help

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SUMMARY

The discussion focuses on calculating the probability that the sample proportion of credit sales exceeds 0.34 in a department store where 25% of sales are credit sales. The user correctly identifies the sample size (n=75) and uses the mean (mu=18.75) and standard deviation (sigma=3.75) to compute the z-score. The calculated probability P(z>1.8) yields a result of 0.0359. Additionally, the user learns that the correct formula for the standard deviation of a sample proportion is sigma=sqrt(p(1-p)/n), which is crucial for accurate calculations.

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  • Understanding of basic probability concepts
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  • Knowledge of sample proportions and their calculations
  • Proficiency in using statistical formulas for mean and standard deviation
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  • Learn how to use the z-table for calculating probabilities
  • Study the Central Limit Theorem and its implications for sample proportions
  • Explore the differences between population proportions and sample proportions
  • Investigate the application of the normal approximation in binomial distributions
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A department store has determined that 25% of all their sales are credit sales. A random sample of 75 sales is selected and the proportion of credit sales in the sample is computed.
a) What is the probability that the sample proportion will be greater than 0.34?

my answer is:
n=75 p=0.25
mu=np=18.75
sigma=sqrt(n*p*(1-p)) = 3/75

0.34 * 75=25.5

z=x-mu/sigma = 25.5-18.75/3.75 =1.8

P(z>1.8)=0.0359

the answer i got is 0.0359 but i am not confident, please tell me if i am correct or not. Thanks.
 
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oh, i just found another equation for mean and standard deviation of a sample proportion is mu=p and sigma=sqrt(p(1-p)/n)
which one should i use for this question?
 
One big thing:

The z-table in your book gives you P(z<Z) for a standardized normal random variable Z, not P(z>Z). So, P(z>1.8) = 1 - P(z<1.8) = 1 - phi(1.8). You may have already done that in your calculations but you did not specify that if you did.

The formula I have for sigma is: sqrt(npq) where q=(1-p).
 

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