Question
A consensus forecast is the average of a large number of individual analysts' forecasts. Suppose the...
A consensus forecast is the average of a large number of individual analysts' forecasts. Suppose the individual forecasts for a particular interest rate are normally distributed with a mean of 6 percent and a standard deviation of 1.3 percent. A single analyst is randomly selected. Find the probability that his/her forecast is
(a) At least 3.6 percent. (Round the z value to 2 decimal places. Round your answer to 4 decimal places.)
(b) At most 8 percent. (Round the z value to 2 decimal places. Round your answer to 4 decimal places.)
(c) Between 3.6 percent and 8 percent. (Round the z value to 2 decimal places. Round your answer to 4 decimal places.)
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