3.The mean of the annual amount British households spend for daily transportation is $6330. Assume that the amount spent is normally distributed. i) Identify the variable of interest here. ii) Suppose 5% of British households spend less than $1000 for daily transportation. What is the standard deviation of the amount spent? iii) What is the range of spending for the 4% of households with the highest daily

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3. The mean of the annual amount British households spend for daily transportation is $6330.

Assume that the amount spent is normally distributed.

i) Identify the variable of interest here.

ii) Suppose 5% of British households spend less than $1000 for daily transportation.

What is the standard deviation of the amount spent?

What is the range of spending for the 4% of households with the highest daily transportation cost?

3.The mean of the annual amount British households spend for daily transportation is $6330.
Assume that the amount spent is normally distributed.
i) Identify the variable of interest here.
ii) Suppose 5% of British households spend less than $1000 for daily transportation.
What is the standard deviation of the amount spent?
iii)
What is the range of spending for the 4% of households with the highest daily
Transcribed Image Text:3.The mean of the annual amount British households spend for daily transportation is $6330. Assume that the amount spent is normally distributed. i) Identify the variable of interest here. ii) Suppose 5% of British households spend less than $1000 for daily transportation. What is the standard deviation of the amount spent? iii) What is the range of spending for the 4% of households with the highest daily
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