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Question Help 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 mean 1.572 in currency A (to currency B) and standard deviation 0.024 in currency A. Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d). a) What is the probability that on a randomly selected day during this period, a unit of currency B was worth more than 1.572 units of currency A? The probability is % (Type an integer or a decimal.) b) What is the probability that on a randomly selected day during this period, a unit of currency B was worth less than 1.500 units of currency A? The probability is %. (Type an integer or a decimal.) c) What is the probability that on a randomly selected day during this period, a unit of currency B was worth less than 1.548 units of currency A? The probability is %. (Type an integer or a decimal.) d) Which would be more unusual, a day on which a unit of currency B was worth less than 1.501 units of currency A or more than 1.613 units of currency A? O Less than 1.501 is more unusual. More than 1.613 is more unusual.

Answer 1

Given- u= 1.572,0=0.024 a) P(x21:572) = P(x-4 > 1.572-1:572 ) Io 0.024 = Plz>0) = 0.5 -- (From statistical table) 6 P(x< 1.500)=P(X-1 ( 1.500-1.572 ) lo 0.024 = P(Z <-3) = P(273) –– { P(Z <-a)=P(G) a)} = 0.0013 -- (From statistical table). c) P(x< 1.5h 8) = P(x-ll 1.548 -1.572) - 0.024 = P(Z<-1) = P(321)--( P (z<-a)=P(Gra) = 0.1587. ( From statistical tables d) More than 6x8 1.613 are unsual. Thank If you, you are satished, then like me.