# Question: A contractor has concluded from his experience that the cost

A contractor has concluded from his experience that the cost of building a luxury home is a normally distributed random variable with a mean of $500,000 and a standard deviation of $50,000.

a. What is the probability that the cost of building a home will be between $460,000 and $540,000?

b. The probability is 0.2 that the cost of building will be less than what amount?

c. Find the shortest range such that the probability is 0.95 that the cost of a luxury home will fall in this range.

a. What is the probability that the cost of building a home will be between $460,000 and $540,000?

b. The probability is 0.2 that the cost of building will be less than what amount?

c. Find the shortest range such that the probability is 0.95 that the cost of a luxury home will fall in this range.

## Relevant Questions

A broadcasting executive is reviewing the prospects for a new television series. According to his judgment, the probability is 0.25 that the show will achieve a rating higher than 17.8, and the probability is 0.15 that it ...A company services copiers. A review of its records shows that the time taken for a service call can be represented by a normal random variable with a mean of 75 minutes and a standard deviation of 20 minutes. a. What ...Given a random sample size of n = 1, 600 from a binomial probability distribution with P = 0.40 do the following: a. Find the probability that the percentage of successes is greater than 0.45. b. Find the probability that ...An analyst has available two forecasts, F1 and F2, of earnings per share of a corporation next year. He intends to form a compromise forecast as a weighted average of the two individual forecasts. In forming the compromise ...The jurisdiction of a rescue team includes emergencies occurring on a stretch of river that is 4 miles long. Experience has shown that the distance along this stretch, measured in miles from its northernmost point, at which ...Post your question