Question

Score: 0.75 of 1 pt 9 of 14 Test Score: 78.12%, 10.94. &6.2.8-T According to a recent survey, the average daily rate for a luxury hotel is $236.49. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.37. Complete parts a through d below. a. What is the probability that a randomly selected luxury hoteľ's daily rate will be less than $251 0.7417 (Round to four decimal places as needed.) b. What is the probability that a randomly selected luxury hotel's daily rate will be more than $266? 0.0936 (Round to four decimal places as needed.) c. What is the probability that a randomly selected luxury hotel's daily rate will be between $246 and $266? 0.2418 (Round to four decimal places as needed.) d. The managers of a local luxury hotel would like to set the hotel's average daily rate at the 80th percentile, which is the rate below which 80% of hotels' rates are set. What rate should they choose for their hotel? The managers should choose a daily rate of s 255.32 (Round to the nearest cent as needed.)

Answer 1