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Statistics - Probability

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Suppose that the national unemployment rate in six months is forecast as 7.4% with an uncertainty of 2.3% (percentage points) as given by the estimated standard deviation of the forecast. Please assume a normal distribution with this mean and standard deviation.

---Find the probability that the unemployment rate will be over 9% in six months.

---Find the probability that the unemployment rate will be between 5% and 8% in six months.

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Solution Summary

The expert computes the probability of unemployment rates over different periods of time. A complete, neat and step-by-step solution is provided.

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