Question
In: Statistics and Probability
The mean annual inflation rate in the United States over the past 98 years is 3.37%...
The mean annual inflation rate in the United States over the past 98 years is 3.37% and has a standard deviation of approximately 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?
Solutions
Expert Solution
Given that,
mean = 
= 3.37%=0.037
standard deviation = 
= 5%=0.05
P(X< 0.019) = P[(X-
) /
< (0.019-0.037) / 0.05]
= P(z < -0.36)
Using z table
probability= 0.3594
orchestra answered 1 year agoRelated Solutions
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