Question

Credit card debt for university students is normally distributed with a mean of $3862 and a...

Credit card debt for university students is normally distributed with a mean of $3862 and a standard deviation of $1100. a) Find the percentage of university students owe less than $1250. b) Find the percentage of university students owe at least $5000. c) Based on the result from b. would you conclude that most (more than half of) students owe at least $5000? Explain. d) What percentage of university students owe between $3500 and $7000? e) Determine the range of values which would account for the middle 56% of university students. You can check your answer using Excel; - Click on the Insert Function fx button on the toolbar - Select NORM.INV in the Select a Function box

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