Question
According to a recentsurvey, the average daily rate for a luxury hotel is $232.15232.15. Assume the daily rate follows a normal probability distribution with a
According to a recentsurvey, the average daily rate for a luxury hotel is $232.15232.15.
Assume the daily rate follows a normal probability distribution with a standard deviation of $21.4721.47.
Complete parts a through d below.
. What is the probability that a randomly selected luxuryhotel's daily rate will be less than $ 247 question mark$247?nothing (Round to four decimal places asneeded.)b. What is the probability that a randomly selected luxuryhotel's daily rate will be more than $ 262 question mark$262?nothing (Round to four decimal places asneeded.)c. What is the probability that a randomly selected luxuryhotel's daily rate will be between $ 225$225 and $ 245 question mark$245?nothing (Round to four decimal places asneeded.)d. The managers of a local luxury hotel would like to set thehotel's average daily rate at the 90 th90th percentile, which is the rate below which 9090% ofhotels' rates are set. What rate should they choose for theirhotel?The managers should choose a daily rate of $nothing.(Round to the nearest cent asneeded.)
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