Question

In: Statistics and Probability

A group conducted a survey of 13,000 brides and grooms married in the United States and found that the average cost of a wedding is $25,858.

 

A group conducted a survey of 13,000 brides and grooms married in the United States and found that the average cost of a wedding is $25,858. Assume that the cost of a wedding is normally distributed with a mean of $25,858 and a standard deviation of $5,700.

(a)

What is the probability that a wedding costs less than $18,000? (Round your answer to four decimal places.)

(b)

What is the probability that a wedding costs between $18,000 and $32,000? (Round your answer to four decimal places.)

(c)

What is the minimum cost (in dollars) for a wedding to be included among the most expensive 5% of weddings? (Round your answer to the nearest dollar.)

Solutions

Expert Solution

Solution:-

Given

a) What is the probability that a wedding costs less than $18,000? (Round your answer to four decimal places.)

= 0.0838

probability = $ 0.0838

b) What is the probability that a wedding costs between $18,000 and $32,000? (Round your answer to four decimal places.)

= 0.8599 - 0.0838

= 0.7761

Probability = $ 0.7761

c) What is the minimum cost (in dollars) for a wedding to be included among the most expensive 5% of weddings? (Round your answer to the nearest dollar.)

The Z distribution of the 5% is

Using Z-score formula

Percentile of 5% is $ 16481.5

 

orchestra answered 2 years ago
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