Question 3 of 7 Suppose Canadian home-owners owe an average of $180,000 on their mortgages. Assume...

 

Transcribed Image Text:

Question 3 of 7 Suppose Canadian home-owners owe an average of $180,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $84,000. Standard Normal Distribution Table a. Albertans are reported to owe $249,500 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $249,500? 0.0000 Round to four decimal places if necessary b. What is the probability of randomly selecting a Canadian with mortgage debt below $91,000? 0.0000 Round to four decimal places if necessary c. Determine the minimum mortgage debt owing by the 17% of Canadians with the largest mortgages. $0 Round to the nearest dollar Question 3 of 7 Suppose Canadian home-owners owe an average of $180,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $84,000. Standard Normal Distribution Table a. Albertans are reported to owe $249,500 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $249,500? 0.0000 Round to four decimal places if necessary b. What is the probability of randomly selecting a Canadian with mortgage debt below $91,000? 0.0000 Round to four decimal places if necessary c. Determine the minimum mortgage debt owing by the 17% of Canadians with the largest mortgages. $0 Round to the nearest dollar

Answer rating: 100% (QA)

To solve these problems well use the standard normal distribution since the mortgage debt is normall... View the full answer