Question

An estimated 1.8 million students take on student loans to pay ever-rising tuition and room and board (The New York Times, April 17, 2009). It is also known that the average cumulative debt of recent college graduates is about $22,500. Let the cumulative debt among recent college graduates be normally distributed with a standard deviation of $8,000. Approximately how many recent college graduates have accumulated a student loan of more than $35,000?

Answer 1

Therefore, number of recent college graduates have accumulated a student loan of more than $35000 is 1.8*0.0594=0.10692 million out of 1.8 million