Computing Probability

Please follow the instruction carefully in excel. 

Case 1:
Automobile repair costs continue to rise with the average cost now at $367 per repair. Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions:
  1. What is the probability that the cost will be more than $450?
  2. What is the probability that the cost will be less than $250?
  3. What is the probability that the cost will be between $250 and $450?
  4. If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost?



Case 2:
The American Automobile Association (AAA) reported that families planning to travel over the labor day weekend would spend an average of $749. Assume that the amount spent is normally distributed with a standard deviation of $225. Answer the following questions:
  1. What is the probability of family expenses for being less than $400?
  2. What is the probability of family expenses for being $800 or more?
  3. What is the probability that family expenses will be between $500 and $1000?
  4. What would be the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?



Computing Probability

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