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
Related questions
Question
all parts please
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) =
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps with 15 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman