Question: A loans manager at a large bank believes that the percentage of her customers who default on their loans during each quarter is an approximately

A loans manager at a large bank believes that the percentage of her customers who default on their loans during each quarter is an approximately normally distributed random variable with mean 12.1% and standard deviation 2.5%. Give a lower bound x with 0.75 probability that the percentage of people defaulting on their loans is at least x. Also give an upper bound x` with 0.75 probability that the percentage of loan defaulters is below x`.

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