Suppose you buy a CD for $1000 that earns 2.5% APR and is compounded quarterly. The CD matures in 5 years. Assume that if funds
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Answer:
Yes, Tom must be admitted to this university.
Step-by-step explanation:
We are given that the scores on national test are normally distributed with a mean of 500 and a standard deviation of 100.
Also, we are provided with the condition that Tom wants to be admitted to this university and he knows that he must score better than at least 70% of the students who took the test.
Let, X = score in national test, so X ~ N()
The standard normal z distribution is given by;
Z = ~ N(0,1)
Now, z score of probability that tom scores 585 is;
Z = = 0.85
Now, proportion of students scoring below 85% marks is given by;
P(Z < 0.85) = 0.80234
This shows that Tom scored 80.23% of the students who took test while he just have to score more than 70%.
So, it means that Tom must be admitted to this university.