# Question

Automotive dealerships have made recent efforts to reduce the amount of time required to purchase a car. One strategy is to use the Internet to streamline the process by providing prospective buyers with car information. According to J.D. Powers, the average number of minutes to negotiate a deal to purchase a car at the dealership was 60.3 minutes in 2012. Assume the number of minutes to negotiate a deal follows the normal probability distribution with a standard deviation of 17.9 minutes and that these statistics still hold true.

a. What is the probability that a random customer spent

1. Less than 30 minutes negotiating a deal?

2. More than 45 minutes negotiating a deal?

3. Between 50 and 90 minutes negotiating a deal?

4. Between 65 and 85 minutes negotiating a deal?

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

c. How many minutes of negotiating are in the 35th percentile?

a. What is the probability that a random customer spent

1. Less than 30 minutes negotiating a deal?

2. More than 45 minutes negotiating a deal?

3. Between 50 and 90 minutes negotiating a deal?

4. Between 65 and 85 minutes negotiating a deal?

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

c. How many minutes of negotiating are in the 35th percentile?

## Answer to relevant Questions

In spite an unemployment rate of 26% and an economy in crisis, 70% of Spaniards responded that they were in favor of keeping the euro rather than returning to the peseta and the national currency in 2012. A random sample of ...According to the U. S. Census Bureau, 47.5% of the U.S. population lives in the Eastern Time Zone. A random sample of 50 U.S. residents is selected. Use the normal approximation to the binomial distribution to answer the ...The optical department at Costco serves customers on a first come first serve basis. Suppose the time between customer arrivals follows the exponential distribution. Historical data indicates that customers arrive at an ...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 ...A study conducted by TomTom found that Hawaii had the slowest state highway drivers in the country. The drivers traveled at an average speed of 52.7 miles per hour (MPH). Assume the population standard deviation is 6.0 MPH. ...Post your question

0