SOLUTION: A bank's loan officer rates applicants for credit approval. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. If 40 different applicants are r
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Question 786427: A bank's loan officer rates applicants for credit approval. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. If 40 different applicants are randomly selected, what is the chance that the mean rating will be above 215?
A) 2.87%
B) 47.13%
C) 11.79%
D) 38.21%
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A bank's loan officer rates applicants for credit approval. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. If 40 different applicants are randomly selected, what is the chance that the mean rating will be above 215?
z(215) = (215-200)/[50/sqrt(40)] = 1.8974
P(x-bar > 215) = P(z > 1.8974) = normalcdf(1.8974,100) = 0.0289
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Ans: A
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Cheers,
Stan H.
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A) 2.87%
B) 47.13%
C) 11.79%
D) 38.21%
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