Calculate the number of inquiries to be answered by owner to be 99% certain that at least 1 room is rented.

Question

In order to find probability, you can use this formula in Microsoft Excel: The best way to understand and solve these problems is by first drawing a bell curve and marking key points such as x, the mean, and the areas of interest. Once marked on the bell curve, figure out what calculations are needed to find the area of interest. =NORM.DIST(x, Mean, Standard Dev., TRUE). When the question mentions “greater than” you may have to subtract your answer from 1. When the question mentions “between (two values)”, you need to do separate calculation for both values and then subtract their results to get the answer. 1. Compute the probability of a value between 44.0 and 55.0. (The question requires finding probability value between 44 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 44, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the…

Answer 1

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Chapter 5.3, Problem 27P

a.

To determine

Calculate the number of inquiries to be answered by owner to be 99% certain that at least 1 room is rented.

b.

To determine

Calculate the expected number of inquiries that result in room rentals.

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