Question: A consensus forecast is the average of a large number of individual analysts forecasts. Suppose the individual forecasts for a particular interest rate are normally

A consensus forecast is the average of a large number of individual analysts’ forecasts. Suppose the individual forecasts for a particular interest rate are normally distributed with a mean of 5.0 percent and a standard deviation of 1.2 percent. A single analyst is randomly selected. Find the probability that his/ her forecast is:

a. At least 3.5 percent.

b. At most 6 percent.

c. Between 3.5 percent and 6 percent.

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