34. The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000 (The Wall Street Journal, March 12, 2012). Assume the scholarship value is normally distributed with a standard deviation of $2100 For the 10% of athletic scholarships of least value, how much are they worth? b. What percentage of athletic scholarships are valued at $22,000 or more? For the 3% of athletic scholarships that are most valuable, how much are they worth? а. с. 38. Ward Doering Auto Sales is considering offering a special service contract that will cover the total cost of any service work required on leased vehicles. From experience, the com pany manager estimates that yearly service costs are approximately normally distributed with a mean of $150 and a standard deviation of $25. If the company offers the service contract to customers for a yearly charge of $200, what is the probability that any one customer's service costs will exceed the contract price of $200? What is Ward's expected profit per service contract? a. b.

Question

the NCAA estimates

34.
The NCAA estimates that the yearly value of a full athletic scholarship at in-state public
universities is $19,000 (The Wall Street Journal, March 12, 2012). Assume the scholarship
value is normally distributed with a standard deviation of $2100
For the 10% of athletic scholarships of least value, how much are they worth?
b. What percentage of athletic scholarships are valued at $22,000 or more?
For the 3% of athletic scholarships that are most valuable, how much are they worth?
а.
с.
Expand
Transcribed Image Text

34. The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000 (The Wall Street Journal, March 12, 2012). Assume the scholarship value is normally distributed with a standard deviation of $2100 For the 10% of athletic scholarships of least value, how much are they worth? b. What percentage of athletic scholarships are valued at $22,000 or more? For the 3% of athletic scholarships that are most valuable, how much are they worth? а. с.

38.
Ward Doering Auto Sales is considering offering a special service contract that will cover
the total cost of any service work required on leased vehicles. From experience, the com
pany manager estimates that yearly service costs are approximately normally distributed
with a mean of $150 and a standard deviation of $25.
If the company offers the service contract to customers for a yearly charge of $200,
what is the probability that any one customer's service costs will exceed the contract
price of $200?
What is Ward's expected profit per service contract?
a.
b.
Expand
Transcribed Image Text

38. Ward Doering Auto Sales is considering offering a special service contract that will cover the total cost of any service work required on leased vehicles. From experience, the com pany manager estimates that yearly service costs are approximately normally distributed with a mean of $150 and a standard deviation of $25. If the company offers the service contract to customers for a yearly charge of $200, what is the probability that any one customer's service costs will exceed the contract price of $200? What is Ward's expected profit per service contract? a. b.

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