What is the probability for different cases of meal price

Reference no: EM13184446

The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, was $58.60. You are leaving for a business trip to New York and will eat dinner at four of these restaurants. Your company will reimburse you for a maximum of $60 per dinner. Business associates familiar with these restaurants have told you that the meal cost at one-third of these restaurants will exceed $60. Suppose that you randomly select four restaurants for dinner.

a. What is the probability that none of the meals will exceed the cost covered by your company?
b. What is the probability that one of the meals will exceed the cost covered by your company?
c. What is the probability that two of the meals will exceed the cost covered by your company?
d. What is the probability that all four of the meals will exceed the cost covered by your company?

Reference no: EM13184446

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