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The average credit card debt for college seniors is $3,262. If the debt is normally distributed...

The average credit card debt for college seniors is $3,262. If the debt is normally distributed with a standard deviation of $1,100, find the probability that the mean debt of 16 seniors has more than $4,000 in debt.

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Answer #1

Solution :

Given that ,

mean = = $3262

standard deviation = = $1100

= / n = 1100 / 16 = 275

P( > 4000) = 1 - P( < 4000)

= 1 - P[( - ) / < (4000 - 3262) /275 ]

= 1 - P(z < 2.68)

= 1 - 0.9963 = 0.0037

Probability = $0.0037

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