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.)

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.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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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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