SOLUTION: the amount requested for home loans followed the normal distribution with a mean of $70 000 and a standard deviation of $20 000.
What is the minimum amount requested on the lar
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Question 1118243: the amount requested for home loans followed the normal distribution with a mean of $70 000 and a standard deviation of $20 000.
What is the minimum amount requested on the largest 3% of loans?
(66,000 + ?how?do?I?find?this? (20,000))
What is the maximum amount requested on the smallest 10% of loans?
(66,000 - ?How?do?I?find?this? (20,000))
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
What is the minimum amount requested on the largest 3% of loans?
:
1 - 0.03 = 0.97
:
we look in the table of z-values for the probability 0.97
:
the associated z-value for 0.97 is 1.88, we know that
:
(X - 70000)/20000 = 1.88
:
X - 70000 = 37600
:
X = 107,600
:
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the minimum requested for the largest 3% loans is $107,600
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:
What is the maximum amount requested on the smallest 10% of loans?
:
we look in the table of z-values for the probability 0.10
:
the associated z-value for the largest of the smallest of the 10% loans is -1.29
:
(X - 70000)/20000 = -1.29
:
X - 70000 = -25800
:
X = 44200
:
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the maximum requested for the smallest 10% loans is $44,200
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:
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