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

Step-by-step explanation

From the question;

`\mu=$3262,\sigma=$1100`

Recall;

`z=(x-\mu)/(\sigma)`

Therefore;

Part A

Using a z-calculator

`P\mleft(x<1000\mright)=P(x<strong>Answer: 0.019872</strong><p><strong>Part B</strong></p>[tex]P\mleft(x>4000\mright)=P(x>z)=P\mleft(x>(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