7 Upon studying low bids for shipping contracts, a microcomputer manufacturing company finds that intrastate contracts have low bids that are uniformly distributed between 21 and 27, in units of thousands of dollars. (a) Find the probability that the low bid on the next intrastate shipping contract is below $24,000. (Round your answer to four decimal places.) (b) Find the probability that the low bid on the next intrastate shipping contract is in excess of $26,000. (Round your answer to four decimal places.)

7 Upon studying low bids for shipping contracts, a microcomputer manufacturing company finds that intrastate contracts have low bids that are uniformly distributed between 21 and 27, in units of thousands of dollars. (a) Find the probability that the low bid on the next intrastate shipping contract is below $24,000. (Round your answer to four decimal places.) (b) Find the probability that the low bid on the next intrastate shipping contract is in excess of $26,000. (Round your answer to four decimal places.)

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 43E

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