Question: ECEL SHEET WORK ONLY GET POSITIVE FEEDBACK According to recent survey data, the average daily rate for a luxury hotel in major North America cities

ECEL SHEET WORK ONLY GET POSITIVE FEEDBACK

According to recent survey data, the average daily rate for a luxury hotel in major North America cities 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

i.less than $250?

ii.more than $260?

ii.between $210 and $240?

b.What is the daily rate of the middle 50% of luxury hotels?

c.Suppose the managers of a luxury hotel would like to set the hotel's average daily rate at the 80^th percentile, which is the rate below which 80% of hotel's rates are set. What rate should they choose for their hotel?

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