Answer:
50% probability that on a randomly selected day during this period, a unit of currency B was worth more than 1.094 units of currency A.
Step-by-step explanation:
The Empirical Rule(68-95-99.7 rule) states that, for a normally distributed random variable:
68% of the measures are within 1 standard deviation of the mean.
95% of the measures are within 2 standard deviation of the mean.
99.7% of the measures are within 3 standard deviations of the mean.
In this problem, we have that:
Mean = 1.094
Standard deviation = 0.013
a) What is the probability that on a randomly selected day during this period, a unit of currency B was worth more than 1.094 units of currency A?
The normal distribution is symmetric, which means that 50% of the units of currency B are more than 1.094 of currency A and 50% are below.
So
50% probability that on a randomly selected day during this period, a unit of currency B was worth more than 1.094 units of currency A.
