Explore BrainMass

Explore BrainMass

    Probability calculation for normal distribution

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    1. The average salary for graduates entering the actuarial field is $40,000. If the salaries are normally distributed with a standard deviation of $5,000, find the probability that

    a) An individual graduate will have a salary over $45,000.
    b) A group of nine graduates will have a group average over $45,000.

    2. The national average for a new car loan was 8.28%. If the rate is normally distributed with a standard deviation of 3.5%, find these probabilities.

    a) One can receive a rate less than 9%
    b) One can receive a rate less than 8&

    © BrainMass Inc. brainmass.com March 4, 2021, 8:16 pm ad1c9bdddf
    https://brainmass.com/statistics/probability/probability-calculation-normal-distribution-156421

    Solution Summary

    This solution gives the step by step method for computing probabilities based on Z score.

    $2.49

    ADVERTISEMENT