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Hertza is a car rental company with a large fleet of automobiles. Assume the number of physical damage losses for Hertza is normally distributed with
Hertza is a car rental company with a large fleet of automobiles. Assume the number of physical damage losses for Hertza is normally distributed with a mean of 550 and a standard deviation of 105. Use the Excel Norm.Dist function to find the probability that:
A) Less than 450 losses will occur
B) More than 700 losses will occur
C) Between 460 and 520 losses will occur
Please correct the information, fill in missing yellow sections, and provide excel functions.
A) | X | Mean | Standard Deviation | Probability | Percent | ||
450 | 550 | 105 | 0.170451908 | 17.05% | |||
=NORM.DIST(B8,C8,D8,TRUE) | |||||||
B) | X | Mean | Standard Deviation | Probability | Total Probability | Percent | |
700 | 550 | 105 | 0.076563726 | 7.66% | |||
=1-NORM.DIST(B12,C12,D12,TRUE) | |||||||
C) | X1 | Mean | Standard Deviation | Probability | |||
460 | 550 | 105 | 0.195682969 | ||||
=NORM.DIST(B16,C16,D16,TRUE) | |||||||
X2 | Mean | Standard Deviation | Probability | Probability Difference | Percent | ||
520 | 550 | 105 | 0.387548481 | -0.191865512 | -19.19% | ||
=NORM.DIST(B19,C19,D19,TRUE) |
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