According to the National Association of Childcare Resources and Referral Agencies, the average cost of care for

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According to the National Association of Childcare Resources and Referral Agencies, the average cost of care for an infant in a child care center in Delaware was $ 8,769 a year. Assume this cost follows a normal distribution with a standard deviation of $ 925.

a. What is the probability that a randomly selected childcare center in Delaware costs

1. More than $ 8,000 per year for infant care?

2. More than $ 9,000 per year for infant care?

3. Between $ 8,500 and $ 9,500 per year for infant care?

b. Use Excel or PHStat to confirm the answers in part a.

c. Determine the rate a child care center that wishes to be in the 60th percentile in the state of Delaware should charge for an infant.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Business Statistics

ISBN: 9780321925121

2nd Edition

Authors: Robert A. Donnelly

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