Explore BrainMass
Share

# Probability calculation for normal distribution

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 21, 2019, 3:34 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.

\$2.19