The finance department of a large organisation has responsibility for monitoring costs in other departments of the

Question:

The finance department of a large organisation has responsibility for monitoring costs in other departments of the organisation. A photocopier facility is available for one department’s use and data has been collected which reveals that the number of photocopies made on the machine on a daily basis follows the Normal distribution; the mean of the distribution is 380 copies per day with a standard deviation of 35.

The cost per copy is estimated at 6p.

(a) Determine the probability that daily costs incurred on the photocopier machine will be:

● more than £25;

● less than £22.50;

● between £24 and £26.

(b) Explain the basis of your calculations in a short memo to the finance director.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Quantitative Analysis For Decision Makers

ISBN: 9781292276618

7th Edition

Authors: Mik Wisniewski, Dr Farhad Shafti

Question Posted: