Question

The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $18 and $32 per share.

What is the probability that the stock price will be:

a. More than $29 (Round your answer to 4 decimal places.)

Probability____________

b. Less than or equal to $23? (Round your answer to 4 decimal places.)

Probability____________

b1

The distribution of the number of viewers for the American Idol television show follows a normal distribution with a mean of 30 million with a standard deviation of 10 million.

What is the probability next week's show will:

a. Have between 34 and 43 million viewers? (Round your z-score computation to 2 decimal places and final answer to 4 decimal places.)

Probability____________

b. Have at least 26 million viewers? (Round your z-score computation to 2 decimal places and final answer to 4 decimal places.)

Probability____________

c. Exceed 56 million viewers? (Round your z-score computation to 2 decimal places and final answer to 4 decimal places.)

Probability____________

c1.

For the most recent year available, the mean annual cost to attend a private university in the United States was $20,132. Assume the distribution of annual costs follows the normal probability distribution and the standard deviation is $4,450.

Ninety percent of all students at private universities pay less than what amount? (Round your z value to 2 decimal places and final answer to the nearest whole dollar.)

amount ___________

d1.

Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $4,230 per hour and a standard deviation of $379.

What is the operating cost for the lowest 4% of the airplanes? (Round your z value to 2 decimal places and final answer to the nearest whole dollar.)

Operating Cost________________

d2. The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery, follow the normal probability distribution. The mean yearly amount earned is $40,000 and the standard deviation is $5,000.

What percent of the sales representatives earn more than $42,000 per year? (Round z-score computation and final answer to 2 decimal places.)

Percent____________

What percent of the sales representatives earn between $32,000 and $42,000? (Round z-score computation and final answer to 2 decimal places.)

percent_____________________

What percent of the sales representatives earn between $32,000 and $35,000? (Round z-score computation and final answer to 2 decimal places.)

The sales manager wants to award the sales representatives who earn the largest commissions a bonus of $1,000. He can award a bonus to 20% of the representatives. What is the cutoff point between those who earn a bonus and those who do not? (Round your answer to the nearest dollar amount.)

Cutoff point_____________________

Answer 1

Part b)

Question 2

Part a )  

Standardizing the value

Part b)

Part c)   

Question c1

P ( Z < ? ) = 90% = 0.90

Looking for the probability 0.90 in standard normal table to calculate the critical value Z

Z = 1.28