Math

StatisticsSTATISTICS F/BUSINESS+ECONOMICS-TEXTThe American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would spend an average of $749 (The Associated Press, August 12, 2012). Assume that the amount spent is normally distributed with a standard deviation of $225. a. What is the probability of family expenses for the weekend being less that $400? b. What is the probability of family expenses for the weekend being $800 or more? c. What is the probability that family expenses for the weekend will be between $500 and $1000? d. What would the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?BuyFind*arrow_forward*

13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 6.2, Problem 24E

Textbook Problem

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The American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would spend an average of $749 (The Associated Press, August 12, 2012). Assume that the amount spent is normally distributed with a standard deviation of $225.

- a. What is the probability of family expenses for the weekend being less that $400?
- b. What is the probability of family expenses for the weekend being $800 or more?
- c. What is the probability that family expenses for the weekend will be between $500 and $1000?
- d. What would the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?

Expert Solution

**a.**

To determine

Find the probability of family expenses less than $400 in weekend.

**Calculation:**

The amount spent in travel on the Labor Day weekend is normally distributed with mean cost of $749 and standard deviation of $225.

The probability of family expenses less than $400 in weekend is,

**Software Procedure:**

Step-by-step procedure to obtain the probability value using the MINITAB software:

- Choose
**Calc**>**Probability Distributions**>**Binomial Distribution**. - Choose
**Cumulative probability**. - Enter Mean as
**749**and Standard deviation as**225**

Expert Solution

**b.**

To determine

Find the probability of family expenses more than $800 in weekend.

Expert Solution

**c.**

To determine

Find the probability of family expenses between $500 and $1,000 in weekend.

Expert Solution

**d.**

To determine

Find the Labor Day expenses for 5% families with most expensive travel plans.

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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