Question: Use Excel Function wherever possible and please provide an explanation of the work please. Show work. Thanks! Problem-2 The average annual amount American households spend

Use Excel Function wherever possible and please provide an explanation of the work please. Show work. Thanks!

Problem-2

The average annual amount American households spend for daily transportation is $6312 (Money, August 2001). Assume that the amount spent is normally distributed.

a) Suppose you learn that 5% of American households spend less than $1000 for daily transportation. What is the standard deviation of the amount spent?

b) What is the probability that a household spends between $4000 and $6000?

c) What is the range of spending for the 3% of households with the highest daily transportation cost?

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