Question

The daily exchange rates for the five-year period 2003 to 2008 between currency A and currency B are well modeled by a normal distribution with mean 1484 in currency A (to currency B) and standard deviation 0.019 in currency A Given this model, and using the 68-95-99.7 rule to approximate the probabilities rather than using technology to find the values more precisely, complete parts (a) through (d). a) What is the probability that on a randomly selected day during this period, a unit of currency B was worth less than 1.484 units of currency A? The probability is 50 % (Type an integer or a decimal.) b) What is the probability that on a randomly selected day during this period, a unit of currency B was worth more than 1,503 units of currency A? The probability is 16 % (Type an integer or a decimal.) c) What is the probability that on a randomly selected day during this period, a unit of currency B was worth more than 1541 units of currency A? The probability is % (Type an integer os decimal.)

Answer 1

meam u) /y&y S.D L) = 0.019 Aeleetol rdlomly сииетy J-48y umits The probabli tHat duing this pesiol, a smit uiois worth e han Caslemey A < 1.484- 1.48 Y 0.019 =Pz<0) Ars 50 randomly scected huaeney more tham 1-S03 unitsuy Probabidity that on dayduing this peiod ,a unit a uaus worth A. X-A103-y 0 019 PIX7 503) Plz71 [ By empiical re Pro babidi ty had douj duing the peiord, unit ramdlomly selcetedl Cuuremey Cuery A a uses MoY e han Plx7s PX-71.41-18y Plz73) O D19 0 b013 013 /