SOLUTION: Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $3,985 per hour and a standard deviation of $440. What is t

Question 1037031: Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $3,985 per hour and a standard deviation of $440.

What is the operating cost for the lowest 2% of the airplanes? (Round z value to 2 decimal places and round final answer to nearest whole dollar.)

Operating cost $

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $3,985 per hour and a standard deviation of $440.
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What is the operating cost for the lowest 2% of the airplanes? (Round z value to 2 decimal places and round final answer to nearest whole dollar.)
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Find the z-value with a left-tail of 2%
invNorm(0.02) = -2.054
Find the corresponding x-value using x = z*s + u
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x = -2.054*440+3985 = $3081.35
Operating cost $3081.35
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Cheers,
Stan H.
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