The average daily rate of a hotel in Canada as of August 2018 was $188.85. Assume the
Question:
The average daily rate of a hotel in Canada as of August 2018 was $188.85. Assume the average daily rate follows a normal distribution with a standard deviation of $26.70. Standard Normal Distribution Table
a. What is the probability that the average daily rate of a Canadian hotel will be: (i) less than $175 P(X<175)=
(ii) more than $220 P(X>220)=
(iii) Between $150 and $190 P(150 b. Determine the average daily rates that separate the: (i) top 8% of average daily rates from the rest of the daily rates or from the bottom 92% of average daily rates x= Round to 2 decimal places. (ii) bottom 15% of average daily rates from the rest of the daily rates x= Round to 2 decimal places. (iii) middle 65% of average daily rates from the rest of the daily rates Round to 2 decimal places.