Question
he average daily rate of a hotel in Canada as of August 2018 was $182.85. Assume the average daily rate follows a normal distribution with
he average daily rate of a hotel in Canada as of August 2018 was $182.85. Assume the average daily rate follows a normal distribution with a standard deviation of $26.60. Standard Normal Distribution Table
a. What is the probability that the average daily rate of a Canadian hotel will be: (i) less than $170 P(X<170)=P(X<170)=
(ii) more than $220 P(X>220)=P(X>220)=
(iii) Between $155 and $195 P(155 b. Determine the average daily rates that separate the: (i) top 4% of average daily rates from the rest of the daily rates or from the bottom 96% of average daily rates x=x= Round to 2 decimal places. (ii) bottom 15% of average daily rates from the rest of the daily rates x=x= Round to 2 decimal places. (iii) middle 65% of average daily rates from the rest of the daily rates Round to 2 decimal places.
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