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BUSI 275 Midterm Question 4 (15 marks) The average rent for a one-bedroom apartment in Langley is $1,500 per month with a standard deviation of $200. Assume rent follows the normal distribution. (a) A student with a tight budget would like to rent a one-bedroom apartment within $1,200. What percentage of rents are less than $1,200? [3 marks] ANSWER (percentage, 2 decimal places): (b) An apartment owner would like to lease his apartment between $1,400 and $1,600. What percentage of rents are within this range? [4 marks] ANSWER (percentage, 2 decimal places): (c) The middle 80% of rents are between what two values? [4 marks] Lower Value (2 decimal places): Upper Value (2 decimal places): (d) A different study was conducted on rents in Vancouver. The study found that one fourth (1/4) of the rents are above $1,800. If the mean remains $1,500 per month, what is the standard deviation of the rents in this study? [4 marks] ANSWER (2 decimal places): Pg. 6 of 11