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 = $770 and standard deviation σ = $40.
How much should be budgeted for weekly repairs, cleaning, and maintenance so that probability that the budgeted amount will be exceeded in a given week is only 14%? (Round your answer to the nearest dollar.)
Homework Answers
Answer #1
Solution:- The budget for weekly repairs, cleaning, and maintenance so that probability that the budgeted amount will be exceeded in a given week is only 14% is $ 813.
Mean μ = $770 and standard deviation σ = $40.
p-value for the top 14% = 1 - 0.14 = 0.86
z-score for the p-value = 1.08
By applying normal distribution:-
x = 813.2
The budget for weekly repairs, cleaning, and maintenance so that probability that the budgeted amount will be exceeded in a given week is only 14% is 813.2.
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