Question: You may need to use the appropriateappendix tableto answer this question. *Reference text is Essential of Statistics for Business and Economics 9e. Automobile repair costs

You may need to use the appropriateappendix tableto answer this question. *Reference text is Essential of Statistics for Business and Economics 9e.

Automobile repair costs continue to rise with the average cost now at $367 per repair.Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs.

(a)

What is the probability that the cost will be more than $490? (Round your answer to four decimal places.)

(b)

What is the probability that the cost will be less than $260? (Round your answer to four decimal places.)

(c)

What is the probability that the cost will be between $260and $490? (Round your answer to four decimal places.)

(d)

If the cost for your car repair is in the lower 5% of automobile repair charges, what is your maximum possible cost in dollars? (Round your answer to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

You may need to use the appropriateappendix tableortechnologyto answer this question. Reference text is essentials of statistics for business and economics 9e. A university found that20% of its...

for practice only: You may need to use the appropriateappendix tableto answer this question. Automobile repair costs continue to rise with the average cost now at $367 per repair. Assume that the...

You may need to use the appropriateappendix tableto answer this question. Automobile repair costs continue to rise with the average cost now at $367 per repair.Assume that the cost for an automobile...

Reference text is Essentials of Statistics for Business and Economics 9e: "You may need to use the appropriateappendix tableortechnologyto answer this question." According to a 2018 survey by...

Read the article below and answer this question: a. Why are low to moderate wages causing a problem for workers compensation insurance companies? b. Why is the use of opioids to relieve pain for...

I need some help with both Case 1 and Case 2 of this assignment. See attached document for full assignment. Here is an excerpt from each. Case 1: Purchase Point Media Corporation (PPMC) Media...

SUMMARY this article for about 2 pages with single spacing. Thank you. ECONOMETRICS: MEASUREMENT I N ECONOMICS1 I As the first incumbent of a new Chair in this University, I thought that in this...

Hi there I need help answering ASSIGNMENT 1 ONLY by Friday afternoon. I have attached the study pack to help answer the question. Thanks! FIN4802 ASSIGNMENTS ASSIGNMENT 01 Due date: 13 May 2016...

Please provide summary of the above text (More than 3000 words) **There should be no plagiarism. If you provide wrong solution then i will dislike and report you abusive and spam. Don't waste my...

1. Outline the key PRE-IFRS development factors, cultural dimensions and accounting values of the UK as would be predicted under the Hofstede and Gray classification models - use a summary table...

Justus Manufacturing Company accumulates the following summary data for the year ending December 31, 2011, for its Water Division which it operates as a profit center: sales$2,000,000 budget,...

Show that quick sort's best-case running time is (n lg n).

The expenditures or the amounts spent on an activity are the Blank _ _ _ _ _ _ . Multiple choice question. unused resource capacity resources supplied resources used

A business plan: Reduces the risk and uncertainty involved in starting a new company Is a guarantee of success for the small company Should be done by professional writers in consultation with the...

4.81 A college bookseller makes calls at the offices of professors and forms the impression that professors are more likely to be away from their offices on Friday than any other working day. A...

4.78 A real estate agent is interested in the relationship between the number of lines in a newspaper advertisement for an apartment and the volume of inquiries from potential renters. Let volume of...

4.74 Consider the joint probability distribution: X 1 2 Y 0 0.70 0.0 1 0.0 0.30 a. Compute the marginal probability distributions for X and Y. b. Compute the covariance and correlation for X and Y....