Suppose that the amount that a local landscaping business in the N.E Ohio spends on a...

Suppose that the amount that a local landscaping business in the N.E Ohio spends on a brand new truck for its fleet is normally distributed. On average, the business spends $30,500 on a new truck with a standard deviation of $3,700.

(PLEASE SHOW ALL WORK ON WRITTEN, WORK SHOWN SHEET, INPUT FINAL ANSWERS BELOW)

What is the probability that the business spends less than $26,000?
What is the probability that the business spends more than $32,000?
What is the probability that the business spends between $26,000 and $32,000?
What is the price that 90% of truck prices fall under?

Expert Solution

Let X denotes the business spends on a randomly selected new truck.

Here,

X ~ Normal(30500, 3700²)

i) The probability that the business spends less than $26,000

ii) The probability that the business spends more than $32,000

iii) The probability that the business spends between $26,000 and $32,000

iv) To find the price that 90% of truck prices fall under,

orchestra answered 1 year ago

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