Statistics (36)

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 $3,730 and that debt amounts are normally distributed.

a. What is the probability that the debt for a randomly selected borrower with good credit is more than $18,000 (to 4 decimals)?


b. What is the probability that the debt for a randomly selected borrower with good credit is less than $10,000 (to 4 decimals)?


c.What is the probability that the debt for a randomly selected borrower with good credit is between $12,000 and $18,000 (to 4 decimals)?


d. What is the probability that the debt for a randomly selected borrower with good credit is no more than $14,000 (to 4 decimals)?

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