SOLUTION: the average credit card debt for college seniors is $3262. if the debt is normally distributed with a standard deviation of $1100, find these probabilities: A. that the senior owe

Algebra ->  Probability-and-statistics -> SOLUTION: the average credit card debt for college seniors is $3262. if the debt is normally distributed with a standard deviation of $1100, find these probabilities: A. that the senior owe      Log On


   

Question 671793: the average credit card debt for college seniors is $3262. if the debt is normally distributed with a standard deviation of $1100, find these probabilities:
A. that the senior owes at least $1000
B. That the senior owes more than $4000
C. that the senior owes between $3000 and $4000
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

μ = $3262 ,   σ = $1100  

P(x ≥ 1000) = 1 -  P(z < (1000-3262)/1100) = 1 - P(z < -2.0564) = 98.01 %

P(x > 4000) = 1 -  P(z ≤ (4000-3262)/1100) = 1 - P(z ≤ .6709) = 25.11%

P(3000 > x < 4000) = P(z ≤ (4000-3262)/1100) - P(z ≤ (3000-3262)/1100)= 74.89 - 40.59