New York City is the most expensive city in the United States for lodging.

what is the probability that a hotel room costs $225 or more per night?
what is the probability that a hotel room costs less than $140 per night?
What is the probability that a hotel room costs between $200 and $300 per night?
What is the cost of the 20% most expensive hotel rooms in New York City?

Solutions

Expert Solution

SOLUTION:-

mean=204 6=55

a) Pr ( X > 225 ) =

Pr ( X> 225 ) = Pr ( Z > 0.4) = 0.34458

b) Pr ( x < 140) =

Pr ( z < = 1.163636) = 0.87698

= 0.95407-0.52790

= 0.43117

d) Pr ( Z > ) =0.2

= 0.84

Then = = 0.84

X = 0.84 (55) + 204

X 0205.2

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

New York City is the most expensive city in the United States for lodging.

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $205 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $143 per night...

New York City is the most expensive city in the United States for lodging. The mean...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $140 per night (to 4 decimals)? c. What is...

New York City is the most expensive city in the United States for lodging. The mean...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night. Assume that room rates are normally distributed with a standard deviation of $55. a. What is the probability that a hotel room costs $225 or more per night? b. What is the probability that a hotel room costs less than $140 per night? c. What is the probability that a hotel room costs between $200 and $300...

New York City is the most expensive city in the United States for lodging. The mean...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $205 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $227 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $143 per night...

New York City is the most expensive city in the United States for lodging. The mean...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $205 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $53. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $224 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $139 per night...

New York City is the most expensive city in the United States for lodging. The mean...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $203 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $56. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $227 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $139 per night...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night. Assume that room rates are normally distributed with a standard deviation of $55. (a) What is the probability that a hotel room costs $265 or more per night? (Round your answer to four decimal places.) (b) What is the probability that a hotel room costs less than $120 per night? (Round your answer to four decimal...

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.†

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.† Assume that room rates are normally distributed with a standard deviation of $55. (a) What is the probability that a hotel room costs $255 or more per night? (Round your answer to four decimal places.) (b) What is the probability that a hotel room costs less than $130 per night? (Round your answer to four decimal...

Check My Work (2 remaining) New York City is the most expensive city in the United...

Check My Work (2 remaining) New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs...

The United States is said to have the most expensive healthcare system in the world, but...

The United States is said to have the most expensive healthcare system in the world, but only ranks 37th in comparison to other nations in the quality of the health care delivered. In what ways does the United States have better health care than other nations? Cite at least four examples ?( just 200 words )

Subjects