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
Algebra ->
Probability-and-statistics
-> 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
Log On
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.
