What is the standard deviation of the amount spent

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Reference no: EM131455690

Question: The average annual amount American household; spend for daily transportation is 56312 (Money. August MOIL Assume that the amount spent is normally distributed.

a. Suppose you learn that 5% of American households spend less than $1000 for daily transportation. What is the standard deviation of the amount spent?

b. What is the probability that a household spends between $4000 and $6000?

c. What is the rang of spending for the 3% of households with the highest daily transportation cost?

Reference no: EM131455690

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