19. Automobile repair costs continue to rise with the average cost now at $367 per repair (U.S. News & World Report website, January 5, 2015). Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs. a. What is the probability that the cost will be more than $450? b. What is the probability that the cost will be less than $250? c. What is the probability that the cost will be between $250 and $450? d. If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost?
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What is the probability that the cost will be more than $450? To find this, we first need to calculate the z-score for $450. The z-score is calculated as (X - μ) / σ, where X is the value we're interested in, μ is the mean, and σ is the standard deviation. So, the Show more…
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Automobile repair costs continue to rise, with the average cost now at $367 per repair. Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions: What is the probability that the cost will be more than $450? What is the probability that the cost will be less than $250? What is the probability that the cost will be between $250 and $450? If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost?
Adi S.
Automobile repair costs continue to rise with the average cost now at $367 per repair. Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs. a. What is the probability that the cost will be more than $450? b. What is the probability that the cost will be less than $250? c. What is the probability that the cost will be between $250 and $450? d. What is the cutoff value for the lowest 5% of automobile repair costs?
Kari H.
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