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2. New York City is the most expensive city in the US for lodging. The mean hotel room rate is $204ight. Assume that room rates
2. New York City is the most expensive city in the US for lodging. The mean hotel room rate is $204ight. Assume that room rates are normally distributed with a standard deviation of SSS. a. What is the probability that a hotel room costs $225 or more per night? b. What is the probability that a hotel room costs less than $140 per night? c. What is the probability that a hotel room costs between $200 and $300 per night? d. What is the cost of the most expensive 20% of hotel rooms in NYC? 3. During the financial crisis of 2007, one indicator of hardship was the increase in the number of people bringing items to a pawnbroker. Assume the number of people bringing items to the pawnshop per day in 2007 is normally distributed with a mean of 658. a. On 3% of the days, 610 or fewer people bought items to the pawnshop. What is the standard deviation of the number of people bringing items to the pawnshop per day? b. On any given day, what is the probability that between 600 and 700 people bring items to the pawnshop? c. How many people bring items to the pawnshop on the busiest 3% of the days? Use Bognar or Excel
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