The American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would
Question:
The American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would spend an average of $749 (The Associated Press, August 12, 2012). Assume that the amount spent is normally distributed with a standard deviation of $225.
a. What is the probability that family expenses for the weekend will be less than $400?
b. What is the probability that family expenses for the weekend will be $800 or more?
c. What is the probability that family expenses for the weekend will be between $500 and $1000?
d. What are the Labor Day weekend expenses for 5% of the families with the most ex-pensive travel plans?
Step by Step Answer:
749 and 225 a The probability that expenses will be less than 400 is 0606 ...View the full answer
Essentials Of Statistics For Business And Economics
ISBN: 9781305081598
7th Edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam
