For borrowers with good credit scores the mean debt for
For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015 (BusinessWeek, March 20, 2006). Assume the standard deviation is
$3540 and that debt amounts are normally distributed.
a. What is the probability that the debt for a borrower with good credit is more than $18,000?
b. What is the probability that the debt for a borrower with good credit is less than $10,000?
c. What is the probability that the debt for a borrower with good credit is between $12,000 and $18,000?
d. What is the probability that the debt for a borrower with good credit is no more than $14,000?
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