One method of arriving of economic forecasts is to use a consensus approach. A forecast is obtained from each of a large number of analysts, and the average of these individual forecasts is the consensus forecasts. Suppose the individual 2013 January prime interest rate forecasts of economic analysts are approximately normally distributed with the mean equal to 4.75% and a standard deviation equal to 0.2%. If a single analyst is randomly selected among this group, what is the probability that the analyst’s forecast of the prime rate will exceed 4.25%

One method of arriving of economic forecasts is to use a consensus approach. A forecast is obtained from each of a large number of analysts, and the average of these individual forecasts is the consensus forecasts. Suppose the individual 2013 January prime interest rate forecasts of economic analysts are approximately normally distributed with the mean equal to 4.75% and a standard deviation equal to 0.2%. If a single analyst is randomly selected among this group, what is the probability that the analyst’s forecast of the prime rate will exceed 4.25%

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...

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