Stacy wishes to pay off a loan of $5688 in 36 months. How large will the monthly payments be?
2 answers:
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Answer:
Normal Distribution
Step-by-step explanation: A normal distribution will generally have a bell shape. It is also called a bell curve, due to its bell shape.
It is also called Gaussian distribution. The point near the peak is where most of the observations cluster, while the values further away from the mean will be distributed equally in both directions on the curve.
Answer:
1. The probability that x will be more than 25 is 0.6305.
2. The 55th percentile is 26.38.
Step-by-step explanation:
Normal Probability Distribution
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the z-score 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 p-value, we get the probability that the value of the measure is greater than X.
Mean 26 and standard deviation 3.
This means that
1 Find the probability that x will be more than 25.
This is 1 subtracted by the p-value of Z when X = 25. So
has a p-value of 0.3695.
1 - 0.3695 = 0.6305.
The probability that x will be more than 25 is 0.6305.
2 Find the 55th percentile of x.
This is X when Z has a p-value of 0.55, so X when Z = 0.125.
The 55th percentile is 26.38.