Runzheimer International publishes business travel costs for various cities throughout the world. In particular, they publish per diem totals, which represent the average costs for the typical business traveler including three meals a day in business-class restaurants and single rate lodging in business-class hotels and motels. If the daily costs of 81.86% of the days spent by business travelers in Buenos Aires are less than $429 and if the standard deviation of per diem costs is $56, what is the average per diem cost in Buenos Aires? Assume that per diem costs are normally distributed.
The question belongs to Statistics and it is about the calculation of per diem cost of business travel in Buenos Aires. With standard deviation the calculation of average per diem cost has been given in the solution.
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