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Estimate the iqr of the treadlives

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Reference no: EM131713511

Question: Tires. A tire manufacturer believes that the treadlife of its snow tires can be described by a Normal model with a mean of 32,000 miles and standard deviation of 2500 miles.

a) If you buy a set of these tires, would it be reasonable for you to hope they ‘ll last 40,000 miles? Explain.

b) Approximately what fraction of these tires can be expected to last less than 30,000 miles?

c) Approximately what fraction of these tires can be expected to last between 30,000 and 35,000 miles?

d) Estimate the IQR of the treadlives.

e) In planning a marketing strategy, a local tire dealer wants to offer a refund to any customer whose tires fail to last a certain number of miles. However, the dealer does not want to take too big a risk. If the dealer is willing to give refunds to no more than 1 of every 25 customers, for what mileage can he guarantee these tires to last?

Reference no: EM131713511

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