Solution Found!
In Exercise 4.64, how much should be budgeted for weekly
Chapter 4, Problem 65E(choose chapter or problem)
QUESTION:
In Exercise 4.64, how much should be budgeted for weekly repairs and maintenance to provide
that the probability the budgeted amount will be exceeded in a given week is only .1?
Questions & Answers
QUESTION:
In Exercise 4.64, how much should be budgeted for weekly repairs and maintenance to provide
that the probability the budgeted amount will be exceeded in a given week is only .1?
ANSWER:
Solution:
Step 1 of 2:
It is given the money spent on repairs and maintenance by a company has Normal distribution with mean $400 and standard deviation $20.
We need to find the amount to be budgeted to get the probability that the cost exceeds in a week as 0.1.