The amount of time spent by a statistical consultant with a client at their first meeting is a random variable having a normal distribution with a mean value of 80 min and a standard deviation of 10 min. A USE SALT (a) What is the probability that more than 65 min is spent at the first meeting? (Round your answer to four decimal places.) (b) What amount of time (in minutes) is exceeded by only 10% of all clients at a first meeting? (Round the answer to one decimal place.) min (c) If the consultant assesses a fixed charge of $10 (for overhead) and then charges $50 per hour, what is the mean revenue (in dollars) from a client's first meeting? (Round your answer to the nearest cent.)
The amount of time spent by a statistical consultant with a client at their first meeting is a random variable having a normal distribution with a mean value of 80 min and a standard deviation of 10 min. A USE SALT (a) What is the probability that more than 65 min is spent at the first meeting? (Round your answer to four decimal places.) (b) What amount of time (in minutes) is exceeded by only 10% of all clients at a first meeting? (Round the answer to one decimal place.) min (c) If the consultant assesses a fixed charge of $10 (for overhead) and then charges $50 per hour, what is the mean revenue (in dollars) from a client's first meeting? (Round your answer to the nearest cent.)
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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Transcribed Image Text:The amount of time spent by a statistical consultant with a client at their first meeting is a random variable having a normal distribution with a mean value of 80 min and a standard deviation of 10 min.
A USE SALT
(a) What is the probability that more than 65 min is spent at the first meeting? (Round your answer to four decimal places.)
(b) What amount of time (in minutes) is exceeded by only 10% of all clients at a first meeting? (Round the answer to one decimal place.)
min
(c) If the consultant assesses a fixed charge of $10 (for overhead) and then charges $50 per hour, what is the mean revenue (in dollars) from a client's first meeting? (Round your answer to the nearest cent.)
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