The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $16 and $30 per share. What is the probability that the stock price will be:
a) More than $25? (Round your answer to 4 decimal places.)
b) Less than or equal to $18? (Round your answer to 4 decimal places.)

a) 0.3571 = 35.71% probability that the stock price will be more than $25.

b) 0.1429 = 14.29% probability that the stock price will be less than or equal to $18.

Step-by-step explanation:

Uniform probability distribution:

An uniform distribution has two bounds, a and b.

The probability of finding a value of at lower than x is:

The probability of finding a value between c and d is:

The probability of finding a value above x is:

Uniformly distributed between $16 and $30 per share.

This means that

a) More than $25?

0.3571 = 35.71% probability that the stock price will be more than $25.

b) Less than or equal to $18?

0.1429 = 14.29% probability that the stock price will be less than or equal to $18.