A Local Rental Car Agency Has 200 Cars

question 26

Essay

A local rental car agency has 200 cars. The rental rate for the winter months is 60%. Find the probability that ina given winter month fewer than 140 cars will be rented. Use the normal distribution to approximate thebinomial distribution.

---

Definitions:

Specialty Product

Goods or services with unique characteristics that buyers are often willing to expend considerable effort to purchase.

Unsought Product

Products that consumers do not normally think of buying or do not know exist until they are needed or encountered.

Specialty Products

Products that feature unique attributes distinguishing them from others in the market, motivating consumers to make special purchasing efforts.

High Perceived Value

The extent to which a product or service is regarded by a consumer as being worthy or beneficial, often relative to its cost.