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 (to 4 decimals)?

c. What is the probability that a hotel room costs between $201 and $299 per night (to 4 decimals)?

d. What is the cost of the 20% most expensive hotel rooms in New York City? Round up to the next dollar.

Compare two major foreign policy in the US initiatives in the interwar years (1920s and 1930s) with those that arose in the postwar years (WW2) (Late-1940s, 1950s, and 1960s). Please discuss at least two policy details from each era, and defend their importance

the first category known as the "Great Man" phase, focused on the traits that make an effective leader. this period range from circa 450 B.C. to the 1940s, and includes classic examples such as the aforementioned Egyptian period and the expansive influence of the Roman Empire.

need your help

Phillip is planning on opening an electronics store. He will run it for only 1 year. The initial cost for opening a store is 500K and it will generate an EBIT of 800k at the end of year for sure. Risk-free rate is 5%, tax rate is 35%. Suppose Phillip has enough wealth to cover the initial cost of 500k. Assume that he can’t borrow money.

In this situation, would he want to open the electronic store? What is the value of his equity of the electronic store (at t=0) if he opens it?

If he opens the restaurant at t=0 and sell entire ownership of the electronic store to Zach at t=0, with what price can Phillip sell the ownership? How much return did Phillip make relative to his initial investment at t=0?

4. Assume you own and operate a hotel near a busy international airport. Your property caters directly to business travelers. Assume also that your historical records indicate a complete room’s sell­out every Tuesday and Wednesday night for the past six months. Your hotel’s director of sales (DOS) informs you that she forecasts Tuesday and Wednesday night sell­outs for the coming six months as well. What does that information tell you about business traveler’s willingness to purchase rooms on those specific nights? Would you encounter an ethical dilemma instituting a differential pricing strategy that valued the rooms you have available for sale on Tuesday and Wednesday nights higher than those rooms you sell on other nights? Explain your position

The Gold Bay Hotel is in the process of developing a master budget and Pro-forma financial statements. The beginning balance sheet for the current fiscal year is estimated to be

Gold bay Hotel Estimated Balance sheet current year

During the year the hotel expects to rent 30,000 rooms. Rooms rent for an average of $ 90 per night. The hotel expects to sell 40,000 meals during the year at an average price of $ 20 per meal. the variable cost per room rented is $ 30 and the variable cost per meal is $8. The fixed costs not including depreciation is expected to be $ 2,000,000. Depreciation is expected to be $ 500,000. The hotel also expects to refurbish the kitchen at a cost $ 200,000. Which is capitalized ( included in the facility account). Interest of the note payable is expected to be $ 50,000 and $ 100,000 of the note payable will be retired during the year. The ending accounts receivable amount is expected to be $ 40,000 and the ending account payable is expected to be $ 30,000.

Required

Prepare Pro-forma financial statement for the end of the current year.

A small hotel has 50 rooms that rent for $105 per night and cost $45 to clean and prepare each night they are used. All rentals are by reservation and there is a 10% chance that an individual reservation will not show up. If a customer arrives at the hotel with a reservation and no room is available due to overbooking, the hotel will refund the cost of the room and pay $150 to put the customer up at another hotel. The hotel’s current policy is to stop accepting reservations reaches the overbooking limit of 56 reservations.

a. Develop a simulation model to evaluate the hotel’s total profit and number of customers turned away when it receives the maximum number of reservations under the current policy.

b. Describe your estimate of the distribution of total profit?

c. What is your estimate of the mean total profit?

d. What is your estimate of the mean number of customers turned away?

Please Solve in Excel

10. A researcher claims that the mean rate of individuals below poverty in the City of Chicago is below 17 %. Based on the data represented for the years 2005 – 2011, perform a hypothesis test to test his claim using a significance level of α = 0.10.

11. Would your conclusion change for question 10 if you used a significance level of α = 0.05? Explain.

12. A survey conducted at Chicago Public Schools (CPS) involving high school students on whether they had participated in binged drinking during the past month. Binge drinking was defined as 5 or more drinks in a row on one or more of the past 30 days.

a. From the sample data is there evidence that the proportion of students who participate in binge drinking is greater than 10%? Write a null and alternative hypothesis and perform an appropriate significance test using α=0.05.

b. Construct a 90% Confidence Interval for the population proportion. Does it support the same conclusion as in 12a? Explain.