Question: Suppose the distribution of miles driven on four-year leases follows the normal distribution with a mean of 45,000 miles and a standard deviation of 500 miles. The automobile company would like to include a $0.15 per mile penalty for excessive mileage to the terms of the lease. What mileage limit would result in no more than 8 percent of the leases being over the limit?
Use Excel or JMP to find probabilities and values. Do not round intermediate calculations. Round your final answer to four decimals. Use number format 0.0000. Do not use probability tables to find probabilities.