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prohojiy [21]
3 years ago
8

Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $5,793 per hour and

a standard deviation of $439. What is the operating cost for the lowest 2% of the airplanes?
Business
1 answer:
AfilCa [17]3 years ago
8 0

Answer:

x1 = 4891.294

Explanation:

given data

mean μ =  $5,793

standard deviation  σ =  $439

solution

we know here that

P(x < x1 ) = 0.02     .................1

so

P(\frac{x-\mu }{\sigma } < \frac{x1-\mu }{\sigma }) = 0.02

so

P(z < \frac{x1-\mu }{\sigma }) = 0.02

\frac{x1-\mu }{\sigma }  = invNorm(0.02)

so

x1 = μ + σ × invNorm(0.02)    .....................2

we use here table for invNorm(0.02) and put value in eq 2

x1 = 5793 + 439 × (-2.054 )

x1 = 4891.294

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If $1000 is invested at 6% interest, compounded annually, then after n years the investment is worth an
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