# Question: In 2007 the average conventional first mortgage for new single family

In 2007, the average conventional first mortgage for new single-family homes was $360,000. Assuming a normal distribution and a standard deviation of σ = $30,000, what proportion of the mortgages were Source: Bureau of the Census, Statistical Abstract of the United States 2009, p. 726.

a. more than $360,000?

b. between $300,000 and $420,000?

c. between $330,000 and $390,000?

d. more than $270,000?

a. more than $360,000?

b. between $300,000 and $420,000?

c. between $330,000 and $390,000?

d. more than $270,000?

## Answer to relevant Questions

In 2009, the average charge for tax preparation by H&R Block, Inc. was $187. Assuming a normal distribution and a standard deviation of σ = $20, what proportion of H&R Block’s tax preparation fees were a. more than ...A continuous random variable, x, is normally distributed with a mean of $1000 and a standard deviation of $100. Convert each of the following x values into its corresponding z-score: a. x = $1000 b. x = $750 c. x = $1100 d. ...Using the standard normal table, determine a z value (to two decimal places) such that the a. Cumulative area to z is 0.7486. b. Cumulative area to z is 0.0735. c. Area between z and positive infinity is 0.3508. d. Area ...For the normal distribution described in Exercise 7.11, what first-mortgage amount would have been exceeded by only 5% of the mortgage customers? In exercise Assuming a normal distribution and a standard deviation of σ = ...In a certain binomial distribution, π = 0.25 and n = 40. In using the normal approximation, a. What are the mean and standard deviation of the corresponding normal distribution? b. If x = the number of “successes” among ...Post your question