Answered: Automobile repairs costs continuous to…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Automobile repairs costs continuous to rise with the average cost now at $367 per repair. Assume that the cost for an automoibles repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs.

What is the probability that the cost will be more than $450?

What is the probability that the cost will be less than $250?

What is the probability that the cost will be between $250 and $450?

If the cost for your car repairs is in the lower 5% of automobile repair charges, what is your cost?

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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