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Question 4: Suppose an automobile company has the followingrules.- Cars would be leased for a maximum of 5-years- The highest usage allowed during the lease period is 70,000miles. If the lessee goes beyondthis limit, a penalty of 25 cents per mile is added to the leasecost.- The distribution of miles driven on 5-year leases follows thenormal distribution. The meanis 55,000 miles and the standard deviation is 6,000 miles.Answer the following:a. What percent of the leases will yield a penalty because ofexcess mileage? [2 marks]b. If the automobile company wanted to change the terms of thelease so that 30% of theleases went over the limit, where should the new upper limit beset? [2 marks]c. One definition of a low mileage car is one that is 5-years oldand has been driven lessthan 50,000 miles. What percentage of the cars returned areconsidered low mileage?[2 Marks]
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