The daily exchange rates for the five-year period 2003 to 2008 between currency

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 1.313 in currency A (to currency B) and standard deviation 0.021 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 1.313 units of currency A? The probability is D96 (Type an integer or a decimal.)

Explanation / Answer

Mean = 1.313

Sd = 0.021

A) P(X < 1.313) = P(Z < (1.313 - mean) /sd)

= P(Z < 0)

= 0.5

= 50% (ans)

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