A client wishes to know what price he might be able to get for a business...
A client wishes to know what price he might be able to get for a business property. The realtor estimates that a sale price for that property of R600 would be exceeded no more than 5% of time. A price at least R420 should be obtained at least 90% of the time. Assuming the distribution of sales prices to be normal, answer the following questions.
(i) What are ? and ? for this distribution?
(ii) What is the probability of a scale price greater than R540, less than R640 , and between R540 and R600
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