SOLUTION: A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $26.06. Based on this information, complete the following statements about th

Question 179026: A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $26.06. Based on this information, complete the following statements about the distribution of the company's fares from O'Hare Airport to the Drake Hotel.
a)According to Chebyshev's theorem, at least (56%,75%,84%,89% pick one) of the fares lie withing 2.5 standard deviations of the mean 26.06 dollars.
b)Suppose the distribution is bell-shaped. If approximatly 68% of the fares lie between 22.26 dollars and 29.86 dollars, then the approximate value of the standard deviation for the distribution, according to the empiricial rule is __

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $26.06. Based on this information, complete the following statements about the distribution of the company's fares from O'Hare Airport to the Drake Hotel.
a)According to Chebyshev's theorem, at least (56%,75%,84%,89% pick one) of the fares lie withing 2.5 standard deviations of the mean 26.06 dollars.
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89%
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b)Suppose the distribution is bell-shaped. If approximatly 68% of the fares lie between 22.26 dollars and 29.86 dollars, then the approximate value of the standard deviation for the distribution, according to the empiricial rule is
----------------------------
Draw the picture with 68% centered on the mean.
That 68% covers an interval of 2sigma.
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Equation:
2sigma = (29.86-22.26) = 7.6
sigma = 3.8
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Cheers,
Stan H.
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