Question
According to research, the mean cost of safety equipement per year for colleges in Canada is $27,000.00. Suppose that these costs are normally distributed with
According to research, the mean cost of safety equipement per year for colleges in Canada is $27,000.00. Suppose that these costs are normally distributed with a standard deviation of $3,000.00. If a Canadian College is selected at random, find the following probabilities.
For parts (a), (b), (c) express your answers as probabilities in decimal form (i.e. 0.0003 instead of 0.0300%), and round your answers to 4 decimal places.
(a) The cost is less than $25,410.00. (b) The cost is above $27,660.00. (c) The cost is between $25,410.00 to $27,660.00.
For part (d), round your answer to 2 decimal places.
(d) What amount of cost is the cut-off for the top 9.85% of Canadian Colleges?
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