Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume the room rate for a threestar hotel in a European city follows a normal distribution with a mean of 171) euros and a standard
Assume the room rate for a threestar hotel in a European city follows a normal distribution with a mean of 171) euros and a standard deviation of '13 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 1. less than 195 euros? 2. more than 17"5 euros? 3. exactly 160 euros? 4. between 145 and HS euros? b. A parlicular hotel would like to set its rate so that only 10% of hotels in the city I.yill have lower rates. What room rate should the hotel set? E> a. 1. The probability is D. {Round to four decimal places as needed} a. 2. The probability is D. {Round to four decimal places as needed} a. 3. The probability is D. {Round to four decimal places as needed} a. 4. The probability is D. {Round to four decimal places as needed} b. The hotel should charge |:| euros. {Round to two decimal plaoes as needed}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started