Suppose Canadian home-owners owe an average of $190,000 on their mortgages. Assume that mortgage debt is...
Suppose Canadian home-owners owe an average of $190,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $96,000.
Standard Normal Distribution Table
a. Albertans are reported to owe $241,300 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $241,300?
Round to four decimal places if necessary
b. What is the probability of randomly selecting a Canadian with mortgage debt below $100,000?
Round to four decimal places if necessary
c. Determine the minimum mortgage debt owing by the 13% of Canadians with the largest mortgages.
Round to the nearest dollar
Homework Answers
Add Answer to:
Suppose Canadian home-owners owe an average of $190,000 on their
mortgages. Assume that mortgage debt is...
One year consumers spent an average of $22 on a meal at a resturant. Assume that...
One year consumers spent an average of $22 on a meal at a resturant. Assume that the amount spent on a resturant meal is normally distributed and that the standard deviation is $5. Complete parts (a) through (c) below. a. What is the probability that a randomly selected person spent more than $23? P(Xgreater than$23)equals 0.4207 (Round to four decimal places as needed.) b. What is the probability that a randomly selected person spent between $8 and $21? P($8less thanXless...
The average credit card debt for college seniors is $3262. If the debt is normally distributed...
The average credit card debt for college seniors is $3262. If the debt is normally distributed with a standard deviation of $1100, find these probabilities. a) The senior owes less than $1000. b) The senior owes more than $4000. c) The senior owes between $3000 and $4000 d) The senior owes less than $1000 or more than $4000 e) The senior owes exactly $2500 f) What is the minimum amount a senior needs to owe to be considered a senior...
A mortgage speclallst would like to analyze the average mortgage rates for Atlanta, Georgla. He collects...
A mortgage speclallst would like to analyze the average mortgage rates for Atlanta, Georgla. He collects data on the annual percentage rates (APR In %) for 30-year fixed loanG as shown In the following table. If he is willing to assume that theGe rateG are randomly drawn from a normally distributed population, can he conclude that the mean mortgage rate for the population exceeds 4.2%? Test the hypothesis at the 10% level of significance. (You may find it useful to...
In what follows, please round all probabilities to four decimal places. 1. The proportion of Canadian...
In what follows, please round all probabilities to four decimal places. 1. The proportion of Canadian households that rely only on cellphones for communications instead of landline phones was estimated at 4.8% by a Statistics Canada residential telephone service survey. Suppose that 15 Canadian households are randomly selected. Let X be the number of Canadian households that rely only on cellphones for communications instead of landline phones among the selected 15 households. (a) (4 points) Find the probability that exactly...
A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He collects...
A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He collects data on the annual percentage rates (APR in %) for 30-year fixed loans as shown in the following table. If he is willing to assume that these rates are randomly drawn from a normally distributed population, can he conclude that the mean mortgage rate for the population exceeds 4.20%? Test the hypothesis at a 10% level of significance. (You may find it useful to...
A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He collects...
A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He collects data on the annual percentage rates (APR in %) for 30-year fixed loans as shown in the following table. If he is willing to assume that these rates are randomly drawn from a normally distributed population, can he conclude that the mean mortgage rate for the population exceeds 4.45%? Test the hypothesis at a 1% level of significance. Financial Institution APR G Squared Financial...
1. The average amount parents and children spent per child on back-to-school clothes in Autumn 2010...
1. The average amount parents and children spent per child on back-to-school clothes in Autumn 2010 was $527. Assume the standard deviation is $160 and that the amount spent is normally distributed. What is the probability that the amount spent on a randomly selected child is more than $700? (Round to four decimal places) What is the probability that the amount spent on a randomly selected child is less than $100? (Round to four decimal places) What is the probability...
One year consumers spent an average of $21 on a meal at a restaurant. Assume that...
One year consumers spent an average of $21 on a meal at a restaurant. Assume that the amount spent on a restaurant meal is normally distributed and that the standard deviation is $4. Complete parts (a) through (c) below. a. What is the probability that a randomly selected person spent more than $ 22? P(X> $22 )=___________________ (Round to four decimal places as needed.) b. What is the probability that a randomly selected person spent between $11 and $ 19?P($11<X<...
% 7.4.12-T Question Help Assume the average price for a movie is $11.62. Assume the population...
% 7.4.12-T Question Help Assume the average price for a movie is $11.62. Assume the population standard deviation is $0.55 and that a sample of 36 theaters was randomly selected. Complete parts a through d below. a. Calculate the standard error of the mean. 0- = 5.0917 (Round to four decimal places as needed.) b. What is the probability that the sample mean will be less than $11.79? P(x<$11.79) = 9678 (Round to four decimal places as needed.) c. What...
23. The national average SAT score (for Verbal and Math) is 1019. If we assume a...
23. The national average SAT score (for Verbal and Math) is 1019. If we assume a normal distribution with o= 100, a. what SAT score is in the 85th percentile? b. what is the probability that a randomly selected score exceeds 1200? 26. Ten randomly selected people were asked how long they slept at night. The mean time was 7.1 hours, and the standard deviation was 0.78 hour. Assume that the data is normally distributed a. For a 95% confidence...
The average credit card debt for college seniors is $3262. If the debt is normally distributed with a standard deviation of $1100, find these probabilities. a) The senior owes less than $1000. b) The senior owes more than $4000. c) The senior owes between $3000 and $4000 d) The senior owes less than $1000 or more than $4000 e) The senior owes exactly $2500 f) What is the minimum amount a senior needs to owe to be considered a senior...
A mortgage speclallst would like to analyze the average mortgage rates for Atlanta, Georgla. He collects data on the annual percentage rates (APR In %) for 30-year fixed loanG as shown In the following table. If he is willing to assume that theGe rateG are randomly drawn from a normally distributed population, can he conclude that the mean mortgage rate for the population exceeds 4.2%? Test the hypothesis at the 10% level of significance. (You may find it useful to...
In what follows, please round all probabilities to four decimal places. 1. The proportion of Canadian households that rely only on cellphones for communications instead of landline phones was estimated at 4.8% by a Statistics Canada residential telephone service survey. Suppose that 15 Canadian households are randomly selected. Let X be the number of Canadian households that rely only on cellphones for communications instead of landline phones among the selected 15 households. (a) (4 points) Find the probability that exactly...
% 7.4.12-T Question Help Assume the average price for a movie is $11.62. Assume the population standard deviation is $0.55 and that a sample of 36 theaters was randomly selected. Complete parts a through d below. a. Calculate the standard error of the mean. 0- = 5.0917 (Round to four decimal places as needed.) b. What is the probability that the sample mean will be less than $11.79? P(x<$11.79) = 9678 (Round to four decimal places as needed.) c. What...
23. The national average SAT score (for Verbal and Math) is 1019. If we assume a normal distribution with o= 100, a. what SAT score is in the 85th percentile? b. what is the probability that a randomly selected score exceeds 1200? 26. Ten randomly selected people were asked how long they slept at night. The mean time was 7.1 hours, and the standard deviation was 0.78 hour. Assume that the data is normally distributed a. For a 95% confidence...
Most questions answered within 3 hours.
-
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 9 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 4 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 17 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 25 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 24 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 27 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 28 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 32 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 47 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 49 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 1 hour ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 1 hour ago