It is estimated that the cost of running a small car is $150 per week, based on

Question:

It is estimated that the cost of running a small car is $150 per week, based on driving 15 000km per year. Taking the cost to be normally distributed with a standard deviation of $10 per week, answer the following.

(a) What proportion of small cars cost more than $170 per week to run?

(b) What proportion of small cars cost between $120 and $180 per week to run?

(c) You want to be 95% certain that the weekly cost of running your small car will not exceed your budgeted amount. How much should you budget?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Business Analytics And Statistics

ISBN: 9780730363330

1st Edition

Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi

Question Posted: