Probability calculation for normal distribution
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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&
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Solution Summary
This solution gives the step by step method for computing probabilities based on Z score.
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