According to the National Association of Childcare Resources and Referral Agencies, the average cost of care for
Question:
According to the National Association of Childcare Resources and Referral Agencies, the average cost of care for an infant in a child-care center in Delaware was $8,769 a year. Assume this cost follows a normal distribution with a standard deviation of $925.
a. What is the probability that a randomly selected childcare center in Delaware costs 1. more than $8,000 per year for infant care?
2. more than $9,000 per year for infant care?
3. between $8,500 and $9,500 per year for infant care?
b. Use Excel or PHStat to confirm the answers in part a.
c. Determine the rate a child-care center that wishes to be in the 60th percentile in the state of Delaware should charge for an infant.
AppendixLO1
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: