The American Automobile Association (AAA) reported that families planning to travel over the labor day weekend would spend an average of $749. Assume that the amount spent is normally distributed with a standard deviation of $225. Answer the following questions:What is the probability of family expenses for being less than $400?What is the probability of family expenses for being $800 or more?What is the probability that family expenses will be between $500 and $1000?What would be the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans? The American Automobile Association (AAA) reported thatfamilies planning to travel over the labor day weekend wouldspend an average of $749. Assume that the amount spent isnormally distributed with a standard deviation of $225.Answer the following questions:1. What is the probability of family expenses for beingless than $400?2. What is the probability of family expenses for being$800 or more?3. What is the probability that family expenses will bebetween $500 and $1000?4. What would be the Labor Day weekend expenses haveto be for the 5% of the families with the mostexpensive travel plans?

Given data: Mean = 749 Standard deviation = 225 To find the given probabilities

Answered: The American Automobile Association…

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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The American Automobile Association (AAA) reported that families planning to travel over the labor day weekend would spend an average of $749. Assume that the amount spent is normally distributed with a standard deviation of $225. Answer the following questions:

What is the probability of family expenses for being less than $400?
What is the probability of family expenses for being $800 or more?
What is the probability that family expenses will be between $500 and $1000?
What would be the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?

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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