Omar is conducting market research on the cost of homeowners insurance. Omar has determined that the average annual cost of homeowners insurance is $1220, and that the distribution of costs is normally distributed with a standard deviation of $89. Open an empty Excel file on your computer to show your use of Excel Functions for this Question. Based on the given information above, answer the following problems: (Provide your answer with 4 or more decimal places). If you use more than one step in your calculation, highlight the cell with final answer using yellow color. What is the probability that a single randomly selected consumer spends smaller than $1433 on homeowners insurance? What is the probability that a single randomly selected consumer spends higher than $1200 on homeowners insurance? What is the probability that a single randomly selected consumer spends between $1007 and $1433 on homeowners insurance? What is the 25th percentile for amount of money a single customer will spend?
Omar is conducting market research on the cost of homeowners insurance. Omar has determined that the average annual cost of homeowners insurance is $1220, and that the distribution of costs is
Open an empty Excel file on your computer to show your use of Excel
Based on the given information above, answer the following problems: (Provide your answer with 4 or more decimal places).
If you use more than one step in your calculation, highlight the cell with final answer using yellow color.
-
What is the
probability that a single randomly selected consumer spends smaller than $1433 on homeowners insurance? -
What is the probability that a single randomly selected consumer spends higher than $1200 on homeowners insurance?
-
What is the probability that a single randomly selected consumer spends between $1007 and $1433 on homeowners insurance?
-
What is the 25th percentile for amount of money a single customer will spend?
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 6 images
