Answer Happy

The average daily rate of a hotel in Canada as of August 2018 was $196.55. Assume the average daily rate follows a normal distribution with a standard deviation of $23.60. a. What is the probability that the average daily rate of a Canadian hotel will be: (i) less than $175 P(X<175)= (ii) more than $205 P(X>205)= (iii) Between $150 and $195 P(150<X<195)= b. Determine the average daily rates that separate the: (i) top 8% of average daily rates from the rest of the daily rates or from the bottom 92% of average daily rates L= Round to 2 decimal places. (ii) bottom 25% of average daily rates from the rest of the daily rates U= Round to 2 decimal places. (iii) middle 60% of average daily rates from the rest of the daily rates <x< Round to 2 decimal places.