Question

Is statistics 1. The average credit card debt for college seniors is $3,262. If the debt is normally distributed with a standarddeviation of $1,100, find these probabilities.a) That the senior owes less than $1000b) That the senior owes more than $4000c) That the senior owes between $3000 and $4000

Answer 1

Explanation

From the question;

$\mu= 3262,\sigma= 1100$

Recall;

$z=\frac{x-\mu}{\sigma}$

Therefore;

Part A

Using a z-calculator

$P\mleft(x<1000\mright)=P(xAnswer: 0.019872

Part B

[tex]P\mleft(x>4000\mright)=P(x>z)=P\mleft(x>\frac{4000-3262}{1100}\mright)=P\mleft(z>0.6709\mright)=0.25114$

Answer: 0.25114

Part C

[tex]\begin{gathered} For\text{ }P\mleft(3000Answer: 0.34299