A company owns rental properties and must pay for repairs and upkeep. If the monthly maintenance costs have an average of $3500.00 and a standard deviation of $257.00, give the range of costs the company can count on having to pay about 95% of the time.
Accepted Solution
A:
Given is - the monthly maintenance costs have an average of $3500 and a standard deviation of $257. This means that around 95% of the distributed data lies within the ranges of -257 to +257 of the given standard deviation.Hence, range becomes :[tex]3500-257=3243[/tex] and [tex]3500+257=3757[/tex]Thus, the range is (3243 , 3757)