Question: The average loan amount issued by a small short-term lender is $985 with a standard deviation of $185. Determine the probability that the lender issues
The average loan amount issued by a small short-term lender is $985 with a standard deviation of $185. Determine the probability that the lender issues
a. more than $1,000 to a random borrower.
P(X>1,000)=P(X>1,000)=
Round to 4 decimal places if necessary
b. at most $1,000, on average, to a random sample of 20 borrowers.
P(X<1,000)=P(X<1,000)=
Round to 4 decimal places if necessary
c. between $1,000 and $1,050, on average, to a random sample of 20 borrowers.
P(1,000 Round to 4 decimal places if necessary
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