Currency exchange rates. The monthly exchange rates for the five-year period October 2012 to October 2017 between

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Currency exchange rates. The monthly exchange rates for the five-year period October 2012 to October 2017 between the euro (EUR) and the British pound (GBP) can be modeled by a Normal distribution with mean 1.24 euros

(to pounds) and standard deviation 0.09 euro. Given this model, what is the probability that on a randomly selected day during this period, the pound was worth

a) less than 1.24 euros?

b) more than 1.33 euros?

c) less than 1.06 euros?

d) Which would be more unusual, a day on which the pound was worth less than 1.10 euros or more than 1.40 euros?

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Business Statistics

ISBN: 9781292269313

4th Global Edition

Authors: Norean Sharpe, Richard De Veaux, Paul Velleman

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