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The cost per item at a supermarket follows an exponential distribution There are many inexpensive items and a few relatively expensive

The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $7.5. What is the percentage of items that cost:

a. Less than $4.5? (Round your answer to 4 decimal places.)

b. More than $8.5? (Round your answer to 4 decimal places.)

c. Between $5.5 and $7.5? (Round your answer to 4 decimal places.)

d. Find the 35th percentile. Sixty five percent of the supermarket items cost more than what amount? (Round your answer to 2 decimal places.)

Apr 21 2020 View more View Less

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