Question

The average daily rate of a hotel in Canada as of August 2018 was $197.85. Assume the average daily rate follows a normal distribution with a standard deviation of $23.70.

Standard Normal Distribution Table

a. What is the probability that the average daily rate of a Canadian hotel will be:

(i) less than $165
P(X < 165)=P(X < 165)=

(ii) more than $205
P(X > 205)=P(X > 205)=

(iii) Between $155 and $190
P(155 < X < 190)=P(155 < X < 190)=

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=x=

Round to 2 decimal places.

(ii) bottom 15% of average daily rates from the rest of the daily rates
x=x=

Round to 2 decimal places.

(iii) middle 60% of average daily rates from the rest of the daily rates

  < x <  < x <  

Round to 2 decimal places.

Answer 1