The mean annual inflation rate in the UNited States over the past 98 years in 3.37% and has a standard deviation of approx 5%. In 2018, the inflation rate was below 1.9%. If the annual inflation rate is normally distributed, what is the probability that inflation rate will be below 1.9% in 2019?
Please show all work, including step by step.
Answer)
As the data is normally distributed we can use standard normal z table to estimate the answers
Z = (x-mean)/s.d
Given mean = 3.37%
S.d = 5%
We need to find
P(x<1.9)
Z = (1.9 - 3.37)/5 = -0.29
From z table, P(z<-0.29) = 0.3859
The mean annual inflation rate in the UNited States over the past 98 years in 3.37%...
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