A what is the probability that a wedding costs less than


The XO Group Inc. conducted a survey of 13,000 brides and grooms married in the United States and found that the average cost of a wedding is $29,858 (XO Group website, January 5, 2015). Assume that the cost of a wedding is normally distributed with a mean of $29,858 and a standard deviation of $5600.

a. What is the probability that a wedding costs less than $20,000 (to 4 decimals)?

b. What is the probability that a wedding costs between $20,000 and $30,000 (to 4 decimals)?

c. For a wedding to be among the 5% most expensive, how much would it have to cost (to the nearest whole number)?

Solution Preview :

Prepared by a verified Expert
Finance Basics: A what is the probability that a wedding costs less than
Reference No:- TGS01632568

Now Priced at $15 (50% Discount)

Recommended (96%)

Rated (4.8/5)