Refer to Exercise 24, where the amount requested for home loans followed the normal distribution with a
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Refer to Exercise 24, where the amount requested for home loans followed the normal distribution with a mean of $70 000 and a standard deviation of $20 000.
a. What is the minimum amount requested on the largest 3% of loans?
b. What is the maximum amount requested on the smallest 10% of loans?
Exercise 24
The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, with a mean of $70 000 and a standard deviation of $20 000. A loan application is received this morning.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Basic Statistics For Business & Economics
ISBN: 9781259268939
6th Canadian Edition
Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite
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