Economics and Finance
San Francisco is one of the most expensive cities in which to live in the United States. As of February 2013, the mean rent for a one-bedroom apartment in the Mission District was $2600.6 Assume that the distribution of rents is approximately normal and the standard deviation is $200. A one-bedroom apartment in the Mission District is selected at random.
a. Find the probability that the rent is less than $2450.
b. Find the probability that the rent is between $2500 and $2650.
c. Find a rent r such that 90% of all rents are less than r dollars per month. Write a Solution Trail for this problem.