The average rent in a city is $1,560 per month with a standard deviation of $240

Question

The average rent in a city is $1,560 per month with a standard deviation of $240. Assume rent follows the normal distribution. Use the empirical rule for normal distributions to answer the following questions. a. What percentage of rents are between $1,320 and $1,800? (Round your answer to the nearest whole percent.) Percentage of rents % b. What percentage of rents are less than $1,320? (Round your answer to 1 decimal place.) Percentage of rents % c. What percentage of rents are greater than $2,040?(Round your answer to 1 decimal place.) Percentage of rents %

Explanation / Answer

Mean=1560

Stddev=240

a)Rents between 1320 and 1800 =Z((1800-1560)/240)-Z((1320-1560)/240)=0.6827 or 68%

b)Rents less than 1320 =Z((1320-1560)/240)=Z(-1)=0.1586=15.9%

c)Rents greater than 2040=1-Z((2040-1560)/240)=1-Z(2)=0.02275=2.3%

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