Question
Currently, about 67% of all U.S. households own a pet. Consider the yearly cost of owning a pet, assuming that these costs are approximately distributed
Currently, about 67% of all U.S. households own a pet. Consider the yearly cost of owning a pet, assuming that these costs are approximately distributed as a normal random variable with a mean of $4600 and a standard deviation of $60.
a.Find the probability that the yearly cost of owning a pet is less than $4550.
b.Find the probability that the yearly cost of owning a pet is more than $4690.
c.What proportion of the households spent between $4550 and $4690 in the yearly cost of owning a pet?
d.99% of the households spent less than what amount in the yearly cost of owning a pet?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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
Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
13th edition
1111971633, 978-1111971632
