Currency exchange rates, The daily exchange rates for the

Currency exchange rates

Reference no: EM131008689

Currency exchange rates

The daily exchange rates for the five-year period 2003 to 2008 between the euro (EUR) and the British pound (GBP) are well modeled by a Normal distribution with mean 1.459 euros (to pounds) and standard deviation 0.033 euros. Given this model, what is the probability that on a randomly selected day during this period, the pound was worth

a) less than 1.459 euros?

b) more than 1.492 euros?

c) less than 1.393 euros?

d) Which would be more unusual, a day on which the pound was worth less than 1.410 euros or more than 1.542 euros?

Reference no: EM131008689

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