Question
The average daily rate of a hotel in Canada as of August 2018 was $186.85. Assume the average daily rate follows a normal distribution with
The average daily rate of a hotel in Canada as of August 2018 was $186.85. Assume the average daily rate follows a normal distribution with a standard deviation of $21.80. 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)=
(ii) more than $200 P(X>200)=
(iii) Between $155 and $190 P(155 b. Determine the average daily rates that separate the: (i) top 3% of average daily rates from the rest of the daily rates or from the bottom 97% of average daily rates x= Round to 2 decimal places. (ii) bottom 10% of average daily rates from the rest of the daily rates x= Round to 2 decimal places. (iii) middle 70% of average daily rates from the rest of the daily rates Round to 2 decimal places.
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