Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 4. between 145 and 177 euros? b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 4. between 145 and 177 euros? b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros.
a. What is the probability that a randomly selected three-star hotel has a room rate of
4. between 145 and 177 euros?
b. A particular hotel would like to set its rate so that only 30%
of hotels in the city will have lower rates. What room rate should the hotel set?
of hotels in the city will have lower rates. What room rate should the hotel set?
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