No one in my class is understanding how to do this problem, our teacher gave us no help or clues. I have read the problem over and over. I really dont get where to even start..many of the students in my class also have no clue how to even start it...Please anyone help. it's due tomorrow... Thanks so much! Any feedback will most likey help
1. Using Excel, find the probabilities for the following problem:
Under the system of floating exchange rates, the rate of foreign money to the U.S. dollar is affected by many factors, and this leads to the assumption of a normal distribution of small daily fluctuations. The rate of U.S. dollars per Euro is believed in a certain period to have a mean of 1.19 and a standard deviation of 0.03. Find the following:
a. The probability that tomorrow's rate will be above 1.25.
b. The probability that tomorrow's rate will be below 1.15.
c. The probability that tomorrow's exchange rate will be between 1.16 and 1.23.
Format answers out to 8 decimal places so that I know you are using the computer and not the tables. Click into the blank cell where you want your answer to appear, then click on the paste function icon fx, then select NORMDIST from the statistical menu. This will only give you cumulative probabilities from negative infinity to the x value you enter, so you may need to subtract from 1 or subtract or add two answers depending on the problem.
1. Using Excel, find the probabilities for the following problem:
Under the system of floating exchange rates, the rate of foreign money to the U.S. dollar is affected by many factors, and this leads to the assumption of a normal distribution of small daily fluctuations. The rate of U.S. dollars per Euro is believed in a certain period to have a mean of 1.19 and a standard deviation of 0.03. Find the following:
a. The probability that tomorrow's rate will be above 1.25.
b. The probability that tomorrow's rate will be below 1.15.
c. The probability that tomorrow's exchange rate will be between 1.16 and 1.23.
Format answers out to 8 decimal places so that I know you are using the computer and not the tables. Click into the blank cell where you want your answer to appear, then click on the paste function icon fx, then select NORMDIST from the statistical menu. This will only give you cumulative probabilities from negative infinity to the x value you enter, so you may need to subtract from 1 or subtract or add two answers depending on the problem.