Question
Posting fees. Weekly postage expenses for your company have a mean of $325 and a standard deviation of $54. Your company has allowed for $350
Posting fees. Weekly postage expenses for your company have a mean of $325 and a standard deviation of $54. Your company has allowed for $350 postage per week in its budget.
a.What is the probability that the average weekly postage expenses for the past 9 months (assume each month has 4 weeks) exceed the budgeted amount of $350?
b.The recent problems with the stock market are affecting your business and you need to reallocate some of your funds, so you'd like to reduce your postage expenses. What is the probability that your postage for the next week will not exceed $330?
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