Question
The average daily rate of a hotel in Berlin as of August 2018 was $171.75. Assume the average daily rate follows a normal distribution with
The average daily rate of a hotel in Berlin as of August 2018 was $171.75. Assume the average daily rate follows a normal distribution with a standard deviation of $26.80.
What is the probability that the average daily rate of a Berlin hotel will be:
- Less than $170
- More than $210
- Between $155 and $195
Determine the average daily rates that separate the:
- top 6% of average daily rates from the rest of the daily rates or from the bottom 94% of average daily rates.
- bottom 15% of average daily rates from the rest of the daily rates.
- middle 65% of average daily rates from the rest of the daily rates.
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