Question
The amount of money spent weekly on cleaning, maintenance, and repairs at a large restaurant was...
The amount of money spent weekly on cleaning, maintenance, and
repairs at a large restaurant was observed over a long period of
time to be approximately normally distributed, with mean μ = $629
and standard deviation σ = $44.
(a) If $646 is budgeted for next week, what is the probability
that the actual costs will exceed the budgeted amount? (Round your
answer to four decimal places.)
(b) How much should be budgeted for weekly repairs, cleaning,
and maintenance so that the probability that the budgeted amount
will be exceeded in a given week is only 0.15? (Round your answer
to the nearest dollar.)
Homework Answers
Answer #1
Let "X" be the amount of money spent.
 |
Refer Standard normal table/Z-table to find the probability or use excel formula "=NORM.S.DIST(0.3864, TRUE)" to find the probability.
 |
---------------------------------------------------------------------------------------------------------
Refer Standard normal table/Z-table, Lookup for Z-value corresponding to area 0.15 to the right of the normal curve or use excel formula "=NORM.S.INV(0.15)" to find the Z-value.
 |
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