Question

According to a recent​ survey, the average daily rate for a luxury hotel is ​$238.45. Assume the daily rate follows a normal probability distribution with a standard deviation of ​$21.02. Complete parts a through d below.

a. What is the probability that a randomly selected luxury​ hotel's daily rate will be less than $ 257 ? ​(Round to four decimal places as​ needed.)

b. What is the probability that a randomly selected luxury​ hotel's daily rate will be more than $ 265 ?(Round to four decimal places as​ needed.)

c. What is the probability that a randomly selected luxury​ hotel's daily rate will be between $ 240 and $ 260 ?​(Round to four decimal places as​ needed.)

d. The managers of a local luxury hotel would like to set the​ hotel's average daily rate at the 90 th ​percentile, which is the rate below which 90​% of​ hotels' rates are set. What rate should they choose for their​ hotel? The managers should choose a daily rate of ​$ ____. ​(Round to the nearest cent as​ needed.)

Answer 1