The time required (in days) to build a house single-family is a random variable which obeys the normal law whose mean is 45 days and the standard deviation 4 days. a) What is the probability that it will take between 40 and 52 days to build a single-family house? b) If the manufacturer grants a reduction of $2000 on any house that is not delivered in less than 51 days, what percentage of buyers will be entitled to it? c) If the manufacturer only wants to grant this reduction for 0.5% of the houses it builds, what delivery time should it guarantee?

The time required (in days) to build a house single-family is a random variable which obeys the normal law whose mean is 45 days and the standard deviation 4 days. a) What is the probability that it will take between 40 and 52 days to build a single-family house? b) If the manufacturer grants a reduction of $2000 on any house that is not delivered in less than 51 days, what percentage of buyers will be entitled to it? c) If the manufacturer only wants to grant this reduction for 0.5% of the houses it builds, what delivery time should it guarantee?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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