Z-score can be defined as the distance of a given mean value from its data point. Z-score can also be referred to as the standard score.
The probability that a single treatment will cost less than R1000 is 0.9332
We can solve this question using the z-score formula
The formula for z-score is given as:
z = (x-μ)/σ,
where:
Raw Score, x = R1000
Population Mean, μ = R775
Standard Deviation, σ = R150
Hence:
z = 1000 - 775 / 150
z = 1000 - 775 / 150
z = 1.5
Using the Z -score table to find the probability, the probability that a single treatment will cost less than R1000, which means P(x<1000) is givens as:
P(x<1000) = 0.93319
Approximately to 4 decimal places: 0.9332
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