The price of oil decreased from $52 per barrel to $48 per barrel. What is the percentage decrease in the price of oil? Round your answer to the nearest tenth of a percent.

7.7%

Step-by-step explanation:

Given that,

The price of oil decreased from $52 per barrel to $48 per barrel.

We need to find the percentage decrease in the price of oil. It can be calculated as follows :

or

= 7.7%

So, the percentage decrease in the price of oil is 7.7%.

irst, find the z score of a score of 80. this is given by the formula z = (x-u)/o, where x is the score, u is the mean, and o is the standard deviation. this gives

z = (80-78)/12 = 1/6 = .1667

now, find what percentile a z score of 1/6 correlates to in the normal distribution.

a z score of 1/6 = .1667 is equivalent to the 56.36th percentile of the distribution. so the probability a score is over this is 1-.5636 = .4364

the mean of a sample mean is equal to the original mean. however, the standard deviation of a sample mean is equal to the original standard deviation divided by the square root of n (sample size). so the new standard deviation is 12/sqrt(16) = 3.

the new z score is 80-78/3 = 2/3 = .667. this is equivalent to the 74.86th percentile. so the probability that the mean will be greater than this score is 1-.7486 = .2514.