Question

According to a recent survey by Smith Travel Research, the average daily rate for a luxury hotel in the United States is $ 237.22. Assume the daily rate follows a normal probability distribution with a standard deviation of $ 21.45.
a. What is the probability that a randomly selected luxury hotel’s daily rate will be
1. Less than $ 250?
2. More than $ 260?
3. Between $ 210 and $ 240?
b. The managers of a local luxury hotel would like to set the hotel’s average daily rate at the 80th percentile, which is the rate below which 80% of hotels’ rates are set. What rate should they choose for their hotel?


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  • CreatedJuly 17, 2015
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