Question

Suppose the round-trip airfare between Philadelphia and Los Angeles a month before the departure date follows the normal probability distribution with a mean of $387.20 and a standard deviation of $68.50. The interval around the mean that contains 95% of the airfares is ________.

Answer 1

The interval around the mean that contains 95% of the airfare is (250.2,524.2).

Normal Distribution is bell shaped and symmetrical in nature.

We use standard normal to find probabilities of normal distribution

Normal distributions have key characteristics that are easy to spot in graphs: The mean, median and mode are exactly the same. The distribution is symmetric about the mean—half the values fall below the mean and half above the mean. Diagram below shows standard normal figure.

In a normal distribution, 95% of the values fall between mean±2*sd

Give:  mean=387.20

          sd=68.50

So the interval around the mean that contains 95% of the airfare is (250.2,524.2).

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