Automobile repair cost continue to rise with the average cost now at $367 per repair. Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. A) what is the probability that the cost will be more than $480? B) what is the probability that the cost will be less than $290? C) what if the probability that the cost will be between $290 and $480? D) if the cost for you car repair is in the lower 5% of automobile charges, what is your maximum possible cost in dollars?
Automobile repair cost continue to rise with the average cost now at $367 per repair. Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. A) what is the probability that the cost will be more than $480? B) what is the probability that the cost will be less than $290? C) what if the probability that the cost will be between $290 and $480? D) if the cost for you car repair is in the lower 5% of automobile charges, what is your maximum possible cost in dollars?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter9: Decision Making Under Uncertainty
Section: Chapter Questions
Problem 37P
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Automobile repair cost continue to rise with the average cost now at $367 per repair. Assume that the cost for an automobile repair is
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