Quantitative Methods – I Q2 (A) The monthly rent paid by a group of 15,000 tenants in a city is found to be normally distributed with a mean of 12,000 and a standard deviation of 1,500. Answer the following questions: a) What is the probability that a tenant selected at random pays more than 10,500 in rent? b) What is the probability that a tenant selected at random pays more than 14,700 in rent ? (5 Marks)
Ans :
Introduction
Quantitative methods are essential in decision-making across several domains, such as finance, economics, and social sciences. The normal distribution is a fundamental statistical technique in quantitative analysis, frequently employed to describe real-world occurrences.
Concept & Application
The normal distribution is distinguished by its bell-shaped curve, with the mean (average) in the centre and data points symmetrically scattered around it. In this situation, we have a group of 15,000 renters. Monthly rent payments follow a normal distribution with a mean (μ\muμ) of 12,000 and a standard deviation (σ\sigmaσ) of 1,500.
Conclusion
In summary, utilizing the properties of the normal distribution allows us to calculate the probabilities associated with monthly rent payments in a given population of tenants.
To get complete solutions or answer sheets for your NMIMS assignments, we highly recommend reaching out to Dr. Aravind Banakar. With over 24 years of experience, he specializes in crafting customized, unique, and plagiarism-free assignments. Dr. Banakar is a trusted resource for reputable and reliable academic support in India.
Important Notice for NMIMS Assignments:
To ensure your NMIMS assignments meet the university’s standards, The NMIMS Assignments must be 100% customized, plagiarism-free, and unique. Copying from Google, AI tools, blogs, books, or any other sources is strictly prohibited, and if you copy answers, you will get ZERO marks.
Before purchasing assignments from any academic writer, always demand the following verification:
- Turnitin Report – To ensure the content is plagiarism-free.
- Grammarly Report – This is to ensure grammar and writing quality.
- AI Detection Report – To guarantee no AI-generated content.
Remember, these reports are not just a formality. They are your shield against ZERO marks. Take charge of your grades by ensuring your work is original and meets NMIMS standards.