Macy has a 20 year adjustable rate mortgage with a fixed rate for the first 7 years. In the 8th year, the interest rate rises to
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Answer:
The z-score when x=187 is 2.41. The mean is 187. This z-score tells you that x = 187 is 2.41 standard deviations above the mean.
Step-by-step explanation:
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this question:
The z-score when x=187 is ...
The z-score when x=187 is 2.41. The mean is 187. This z-score tells you that x = 187 is 2.41 standard deviations above the mean.