Answered: The weekly amount of money spent on…

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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Question

The weekly amount of money spent on maintenance and repairs by a company was observed, over a long period of time, to be approximately normally distributed with mean $430 and standard deviation $10.

How much should be budgeted for weekly repairs and maintenance so that the probability the budgeted amount will be exceeded in a given week is only 0.01? (Round your answer to the nearest cent.)

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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