Question

Determine the probabilities, assuming that the population data is normally distributed for the average loan amount issued by a small short-term lender is $1080 with a standard deviation of $184.

**a)** The probability of the lender issues more
than $1150 to a random borrower?

**b)** The probability of the lender issues at most
$1150, on average, to a random sample of 30 borrowers?

**c)** The probability that the lender issues
between $1150 and $1175, on average, to a random sample of 30
borrowers?

Answer #1

The average loan amount issued by a small short-term lender is
$861 with a standard deviation of $148. Determine the
probabilities, assuming that the population data is normally
distributed.
a) What is the probability that the lender
issues more than $900 to a random borrower?
b) What is the probability that the lender
issues at most $900, on average, to a random sample of 25
borrowers?
c) What is the probability that the lender
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[You may find it useful to reference the z
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