One method of arriving at 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 forecast. Suppose the individual 1996 January prime interest rate forecasts of all economic analysts are approximately normally distributed, with the mean 7% and the standard deviation equal to 2.6%. If a single analyst is randomly selected from among this group, what is the probability that the analyst's forecast of the prime interest rate will...a. Exceed 11%b. Be less than 9%
