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The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with mean 1.725 in currency A (to currency B) and standard deviation 0.048 in currency A. Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d).

The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with mean 1.725 in currency A (to currency B) and standard deviation 0.048 in currency A. Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d).

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
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The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with mean 1.725 in currency A (to currency B) and standard deviation 0.048 in currency A. Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d). ***** a) What would the cutoff rate be that would separate the lowest 2.5% of currency A/currency B rates? The cutoff rate would be 1.629. (Type an integer or a decimal rounded to the nearest thousandth as needed.) b) What would the cutoff rate be that would separate the lowest 50%? The cutoff rate would be (Type an integer or a decimal rounded to the nearest thousandth as needed.)
Transcribed Image Text:The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with mean 1.725 in currency A (to currency B) and standard deviation 0.048 in currency A. Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d). ***** a) What would the cutoff rate be that would separate the lowest 2.5% of currency A/currency B rates? The cutoff rate would be 1.629. (Type an integer or a decimal rounded to the nearest thousandth as needed.) b) What would the cutoff rate be that would separate the lowest 50%? The cutoff rate would be (Type an integer or a decimal rounded to the nearest thousandth as needed.)
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