For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015 (BusinessWeek, March 20, 2006). Assume the standard deviation is $3540 and that debt amounts are normally distributed. What is the probability that the debt for a borrower with good credit is more than $18,000

For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015 (BusinessWeek, March 20, 2006). Assume the standard deviation is $3540 and that debt amounts are normally distributed. What is the probability that the debt for a borrower with good credit is more than $18,000

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

The Greenville Power Authority states that the mean monthly energy bill for their customers is $228 with a standard deviation of $38. They know that energy bills follow a normal distribution. a. Between what two values do we expect 99.7% of energy bill’s to fall? b. What is the probability of a randomly selected energy bill at least $190?
Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $24,350. Assume the standard deviation for debt is $3,000 per student.
The Internal Revenue Service reports that the mean federal income tax paid in the year 2010 was $8040. Assume that the standard deviation is $4900. The IRS plans to draw a sample of 1000 tax returns to study the effect of a new tax law. What is the probability that the sample mean tax is between $7500 and s8ooo?
A mechanic sells a brand of automobile tire that has a life expectancy that is normally distributed, with a mean life of 35,000 miles and a standard deviation of 2100 miles. He wants to give a guarantee for free replacement of tires that don't wear well. How should he word his guarantee if he is willing to replace approximately 10% of the tires? Click to view page 1 of the table. Click to view page 2 of the table. Tires that wear out by miles will be replaced free of charge. (Round to the nearest mile as needed.)
The NJ Department of Health has reported the average life span of NJ residents is 81 years. If the standard deviation is σ = 4 years, what is the probability of a person living to at least 92 years of age?
The average student loan debt for college graduates is $25,650. Suppose that that distribution is normal and that the standard deviation is $14,350. Let X = the student loan debt of a randomly selected college graduate. Round all probabilities to 4 decimal places and all dollar answers to the nearest dollar.b Find the probability that the college graduate has between $28,800 and $41,400 in student loan debt. c. The middle 20% of college graduates' loan debt lies between what two numbers? Low: $ High: $
You may need to use the appropriate appendix table to answer this question. According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847.† Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800. (a) What is the probability that a household in Maryland has an annual income of $110,000 or more? (Round your answer to four decimal places.) (b) What is the probability that a household in Maryland has an annual income of $50,000 or less? (Round your answer to four decimal places.) (c) What is the probability that a household in Maryland has an annual income between $40,000 and $70,000? (Round your answer to four decimal places.) (d) What is the annual income (in $) of a household in the ninety-first percentile of annual household income in Maryland? (Round your answer to the nearest cent.
One year consumers spent an average of $22 on a meal at a resturant. Assume that the amount spent on a resturant meal is normally distributed and that the standard deviation is $3.Complete parts (a) through (c) below. a. What is the probability that a randomly selected person spent more than $24?
Approximately 10% of people in the U.S. earn an income of $200,000 per year or higher. If income were normally distributed, and the mean income is $40,000 per year, what is the standard deviation of income in the U.S.? (Note. these figures are not accurate.)