Stats question?

Question

The results of a recent survey indicate that the average new car costs $23,000 with a standard deviation of $3,500. The price of cars is normally distributed. For what price would a car in the 16th percentile sell for?

Answer 1

In a normal distribution, 68% of the observations fall within +- one standard deviation from the mean. That means that 16% fall in each "tail." So the 16th percentile would be at mean - sd, or $23,000-$3,500 = $19,500.