For borrowers with the good credit score the mean debt for, Ask an Expert

Statistics

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?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M916729

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Suppose that you have 5000 and you are contemplating the

Suppose that you have $5000 and you are contemplating the purchase of two investments, IBM and Walgreen's. One year from now, IBM can be sold at $ X per dollar invested, and Walgreen's can be sold for $ Y per dollar inve ...

Taylor found that 8 of the recipients of loans from a

Taylor found that 8% of the recipients of loans from a particular mortgage lending institute default within the first 3 years. If he takes a random sample of 4 customers, who received loans 3 years ago, what is the proba ...

1 consider the following data on distances traveled by 60

1 . Consider the following data on distances traveled by 60 people to visit the local amusement park. distance freq 1-8 20 9-16 18 17-24 10 25-32 6 33-40 6 Expand and construct the table adding columns for relative frequ ...

The following are amounts of time minutes spent on hygiene

The following are amounts of time (minutes) spent on hygiene and grooming in the morning by survey respondents (based on data from an SCA survey). 15, 16, 18, 25, 26, 30, 32, 41, 45, 55, 63. Does the number 63 appear unu ...

Where do cfos get their money newswhere do cfos get their

Where do CFOs get their money news? Where do CFOs get their money news? According to Robert Half International, 47% get their money news from newspapers, 15% get it from communication/colleagues, 12% get it from televi ...

You have a bag containing poker chips there are 18 total

You have a bag containing poker chips. There are 18 total chips, consisting of 9 white chips, 6 blue chips, 2 red chips, and 1 green chip. a. You remove one chip from the bag. What is the probability that the chip is blu ...

Gven that x is binomially distributed with n 36 and p

Given that X is binomially distributed with n = 36, and p = 0.33, use the normal approximation to the binomial (with correction for continuity) to estimate the probability that X is less than 14? Round your answer to 2 p ...

Introduction to statistics assignment - inferential

Introduction to Statistics Assignment - Inferential Statistics Analysis and Writeup Purpose: The purpose of this assignment is to develop and carry out an inferential statistics analysis plan and write up the findings. T ...

A confidence interval estimate is desired for the gain in a

A confidence interval estimate is desired for the gain in a circuit on a semiconductor device. Assume that gain is normally distributed with standard deviation σ = 30. (a) How large must n be if the length of the 95% CI ...

Suppose you believe that johnson companys stock price is

Suppose you believe that Johnson Company's stock price is going to increase from its current level of $22.50 sometime during the next 6 months. For $250.30 you can buy a 6-month call option giving you the right to buy 10 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert