Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus Early Transcendentals

Authors: Jon Rogawski, Colin Adams

3rd Edition

1319116450, 9781319116453

More Books

Students also viewed these Mathematics questions

Question

Explain the triple constraint. Why is it so important?

Answered: 1 week ago