For borrowers with good credit scores, the mean debt for revolving and installment accounts was $15,015 in 2006 (Business Week, March 20, 2006). Assume debt amounts are normally distributed with a standard deviation of $3,540. A. What is the probability that the debt for a randomly selected borrower with good credit is more than $18,000? P(X>18,000) B. What is the probability that the debt for a randomly selected borrower with good credit is less than $10,000? P(X10,000) C. What is the probability that the debt for a randomly selected borrower with good credit is between $12,000 and $18,000? P(12,000
For borrowers with good credit scores, the mean debt for revolving and installment accounts was $15,015 in 2006 (Business Week, March 20, 2006). Assume debt amounts are normally distributed with a standard deviation of $3,540. A. What is the probability that the debt for a randomly selected borrower with good credit is more than $18,000? P(X>18,000) B. What is the probability that the debt for a randomly selected borrower with good credit is less than $10,000? P(X10,000) C. What is the probability that the debt for a randomly selected borrower with good credit is between $12,000 and $18,000? P(12,000
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:For borrowers with good credit scores, the mean debt for revolving and installment accounts was $15,015 in 2006 (Business Week,
March 20, 2006). Assume debt amounts are normally distributed with a standard deviation of $3,540.
A. What is the probability that the debt for a randomly selected borrower with good credit is more than $18,000?
P(X> 18,000) =
B. What is the probability that the debt for a randomly selected borrower with good credit is less than $10,000?
P(X<10,000) =
C. What is the probability that the debt for a randomly selected borrower with good credit is between $12,000 and $18,000?
P(12,000<x< 18,000) =
D. What is the probability that the debt for a randomly selected borrower with good credit is no more than $14,000?
P(X<14,000) =
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