1. A credit score measures a person\'s creditworthiness. Assume the average cred
ID: 3061477 • Letter: 1
Question
1. A credit score measures a person's creditworthiness. Assume the average credit score for Americans is
686686.
Assume the scores are normally distributed with a standard deviation of
4242.
a) Determine the interval of credit scores that are one standard deviation around the mean.
b) Determine the interval of credit scores that are two standard deviations around the mean.
c) Determine the interval of credit scores that are three standard deviations around the mean.
2. Assume the cost of an extended 100,000 mile warranty for a particular SUV follows the normal distribution with a mean of $1 comma 3201,320 and a standard deviation of $105105.
a) Determine the interval of warranty costs from various companies that are one standard deviation around the mean.
3. According to a recent survey, the average daily rate for a luxury hotel is $234.38234.38. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.6622.66.
a. What is the probability that a randomly selected luxury hotel's daily rate will be less than $ 253 question mark
Explanation / Answer
As per the Chegg policy, we are advised to do only one question at a time so i am attempting the 1st one.
1 Given,
Mean = 686
Standard deviation = 42
Hence,
a) One standard deviation interval = (686 - 42, 686 + 42) = (644, 728)
b) Two standard deviation interval = (686 - 2*42, 686 + 2*42) = (602, 770)
c) Three standard deviation interval = (686 - 3*42, 686 + 3*42) = (560, 812)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.