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For borrowers with the good credit score, the mean debt for revolving and installment accounts is $15,015 (Business Week, March 20, 2006). Suppose the standard deviation is $3540 and that debt amounts are normally distributed.

a. Find out the probability that the debt for a randomly selected borrower with the good credit is more than $18,000?

b. Find out the probability that the debt for a randomly selected borrower with good credit is less than $10,000?

c. Find out the probability that the debt for a randomly selected borrower with good credit is between $12,000 and $18,000?

d. Find out the probability that the debt for a randomly selected borrower with good credit is mo more than $14,000?

Statistics and Probability, Statistics

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  • Reference No.:- M916729

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