The daily exchange rates for the five-year period 2003 to 2008 between currency

Question

The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with meap 1.321 in currency A (to currency B) and standard deviation 0.013 in currency A Given this model, and using the 68-95-99.7 rule to approximate the probabilitied rather than using technology to find the values more precisely, complete parts (a) through (d) a) What would the cutoff rate be that would separate the lowest 16% of currency Acurrency B rates? The cutoff rate would be 1.308 (Type an integer or a decimal rounded to the nearest thousandth as needed) b) What would the cutoff rate be that would separate the lowest 50%? The cutoff rate would be ent! (Type an integer or a decimal rounded to the nearest thousandth as needed )

Explanation / Answer

a) lowest 16 %
is mean - sd
= 1.321 - 0.013
= 1.308

b)
cutoff that would separate the lowest 50 %
= mean
= 1.321

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