A few things here:
* properties of normal distributions are *not* tested on the GMAT. So this question is irrelevant for GMAT test takers (you don't need to know the 34-14-2 'rule', for example);
* I've seen several questions posted on gmatclub about normal distributions, all from the same source, and in almost all of them the math is simply wrong (I'd be curious to know the source of this question);
* the normal distribution is an *infinite* distribution. All of the questions I've seen posted here claim that a *finite* set is 'normally distributed'. That is a mathematical impossibility; a finite set can only be 'approximately normal'. This is the reason why most of these questions don't make any mathematical sense. The explanation below, which I gather you copied from the original source:
Chetangupta
The question tells us that 84% of the students study for at least 114 minutes per night. Remember that the important standard deviation percentages are
34-14-2 ?, and that 114 is one standard deviation above the mean (100 – 2 + 14). Statement 2 tell us that only one out of fifty, or 2%, studies at least 132 minutes; thus 132 is three standard deviations above the mean. Using the two average values we know, we can calculate the difference between each average which equals the standard deviation \(\frac{(132-114)}{3}=6\). Since the mean is one standard deviation below 114, then we know that the mean is 120.
does not make any sense - not only is it consistently using the word 'below' when it means 'above' and uses a faulty equation, but it's also logically wrong. The logical problem in the solution above can be illustrated more simply. If I ask:
Set S contains 50 temperature readings. If the mean of S is 100, what is the standard deviation of S?
1. Exactly one of the values in S is greater than 120.
2. Exactly one of the values in S is more than 2 standard deviations above the mean.
then using both statements, it's certainly possible that the standard deviation of S is 10, but that does not *need* to be true. Maybe the standard deviation is 11, and the value which is greater than 120 is equal to 125, say. The answer here is E.
The same is true in the problem above. Yes, we know that 1 of 50, or 2%, of students studied for longer than 132 minutes. That does not mean the value 132 is exactly two standard deviations above the mean, as the solution above claims. It might be that the value 131.7 is exactly two standard deviations above the mean, and that there are just no values between 131.7 and 132 in the set. So Statement 2 is certainly not sufficient here.