i would first like to apologise, in case i am posting this under the wrong section, as i am a new member. I am in need of help of some stats questions, please help me by providing answers and if possible, some explanation to it.
Thank you all!
10. (a) “If you know that the probability that a normal variable exceeds a certain number
Q, is 0.10, you can be sure that this variable is less than –Q is also 0.10.”Do you
agree? Why or why not?
(b) It was reported that the average annual amount American households spend for
daily transportation is $6312. Assume that the amount spent is normally
i). Suppose you learn that 5% of American households spend less than $1000 for daily transportation. What is the standard deviation of the amount spent? Using this fact answer:
ii) What is the probability that a household spends between $4000 and $8000?
iii) What is the range of spending for the 3% of households with the highest daily transportation cost?
i have tried to attempt these questions and have answers for some of them, but i am not sure if i am correct. please help me!
thank you so much in advance