SOLUTION: The mean cost of domestic airfares in the United States rose to an all-time high of $358 per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were b

Question 1072246: The mean cost of domestic airfares in the United States rose to an all-time high of $358 per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. What is the probability than a domestic airfare is $255 or less (to 4 decimals)?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The mean cost of domestic airfares in the United States rose to an all-time high of $358 per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. What is the probability than a domestic airfare is $255 or less (to 4 decimals)?
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z(255) = (255-358)/115 = -0.8957
P(x <= 255) = P(z <= -0.8957 = normalcdf(-100,-0.89457) = 0.1852
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Cheers,
Stan H.
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