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stira [4]
3 years ago
15

Automobile repair costs continue to rise with the average cost now at $367 per repair.† Assume that the cost for an automobile r

epair is normally distributed with a standard deviation of $88.
A. What is the probability that the cost will be more than $450?
B. What is the probability that the cost will be less than $250?
C. What is the probability that the cost will be between $250 and $450?
D. If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost?
Business
1 answer:
vovikov84 [41]3 years ago
8 0

Answer:

a)  0.1728

b)  0.09183

c) 0.7354

d) $ 222.25

Explanation:

Given

mean = \mu = $367

Standard deviation = \sigma =$88

Cost of automobile repair is normally distributed.

a) We have to find P( x > 450 )

P( x > 450 ) = 1 - P( x <= 450 )

Using excel function,   P( x <= x ) = NORMDIST (x,  \mu, \sigma, 1 )

P( x > 450 )   = 1 - NORMDIST( 450 , 367, 88, 1 )

= 1 - 0.8272 = 0.1728

P( x > 450 ) = 0.1728

b)  P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( x < 250 ) = 0.09183

c) P( 250 < x < 450 ) = P( x <450 ) - P( x < 250 )

P( x <450 ) = NORMDIST( 450 , 367, 88, 1 ) = 0.8272

P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( 250 < x < 450 ) = 0.8272 - 0.09183 = 0.7354

P( 250 < x < 450 ) = 0.7354

d) We have P( X < a ) = 0.05

We have to find a.

Using Excel, = NORMINV ( Probability, \mu, \sigma )

a = NORMINV ( 0.05 , 367, 88 ) = 222.2529

Cost = $ 222.25

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c. The interest expense be shown on the statement of cash flows in the operating expenses section. It'll be recorded in the operating activities.

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Option B is the correct answer.

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2 years ago
Pronghorn Company issues 8,900 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value
zysi [14]

Explanation:

The Journal entry is given below:-

A 1. On 1 January 2020  

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(Being the restricted stock is recorded)

2. On 31 December 2021

    Compensation expenses Dr, ($445,000 × 1÷5)    $89,000

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(Being the restricted stock is recorded)

B On 25 July 2024

      Common stock                                                      $89,000

       Paid-in Capital in Excess of Par -common stock $356,000

                   To compensation expenses                                          $356,000

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(Being the forfeiture is recorded)

7 0
3 years ago
Donna is looking into investing a portion of her recent bonus into the stock market. While researching different companies, she
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Answer:

Perfect Plungers Plus is the company that would give Donna a stable long term investment

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5 0
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Answer:

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Evapotransipration is the loss of water from the soil through evaporation from the soil and other surfaces and by transpiration from plants, while precipitation refers to  rain, snow, sleet, or hail that falls to the ground.

During winters due to the cold temperatures, the rate of water loss from the soil and from plants is much lower than the amount of precipitation which is on form of snow.

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Answer:

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e= number e

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