Question

6. The average credit card debt for college seniors is $ 3262. If the debt is normally distributed with standard deviation of $1100, find these probabilities. (a) That the senior owes at least $ 1000 (b) That the senior owes more than $ 4000 (c) That the senior owes between $ 3000 and $ 4000.

          6. The average credit card debt for college seniors is $ 3262. If the debt is normally distributed with standard deviation of $1100, find these probabilities.

(a) That the senior owes at least $ 1000

(b) That the senior owes more than $ 4000

(c) That the senior owes between $ 3000 and $ 4000.

6. The average credit card debt for college seniors is 3262. If the debt is normally distributed with standard deviation of1100, find these probabilities.

(a) That the senior owes at least 1000

(b) That the senior owes more than 4000

(c) That the senior owes between 3000 and 4000.

Added by Misty K.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Sri K

03/15/2023

Step 1

(a) For $1000: $z = \frac{1000 - 3262}{1100} = -2.056$ (b) For $4000: $z = \frac{4000 - 3262}{1100} = 0.671$ (c) For $3000$ and $4000$: $z_1 = \frac{3000 - 3262}{1100} = -0.238$ $z_2 = \frac{4000 - 3262}{1100} = 0.671$ Now, we can find the probabilities using Show more…

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The average credit card debt for college seniors is $ 3262. If the debt is normally distributed with standard deviation of $1100, find these probabilities (a) That the senior owes at least $ 1000 (b) That the senior owes more than $ 4000 (c) That the senior owes between $ 3000 and $ 4000.