The closing price of Schnur Sporting Goods, Inc., common stock is uniformly distributed between $18 and $46 per share. What is the probability that the stock price will be:

Question

The closing price of Schnur Sporting Goods, Inc., common stock is uniformly distributed between $18 and $46 per share. What is the probability that the stock price will be:

a. More than $27? (Round the final answer to 1 decimal place.)

 

Probability         

 

b. Less than or equal to $22? (Round the final answer to 1 decimal place.)

 

Probability         

Answer 1

a) Probability greater than 27: (46-27)/(46-18) = 0.6786 ~ 0.7

b) Probability less than 22: (22-18)/(46-18) = 0.1429 ~ 0.1