SOLUTION: The average credit card debt for college seniors is $4250. If the debt is normally distributed with a standard deviation of $1200, find the probability that a senior owes less than
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Question 1000224: The average credit card debt for college seniors is $4250. If the debt is normally distributed with a standard deviation of $1200, find the probability that a senior owes less than $5000.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
z value for less than 5000 is (x-mean)/sd
z(5000)=750/1200=0.625
What is the probability z <0.625
0.7340.
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