In: Statistics and Probability
1. A study was done by ValuePenguin in May 2020, that looked at the average credit cards debt of Americans. Suppose they found that the credit card debts are normal distributed with a mean of $5,700 and the standard deviation σ = $1,850.
Please show complete work and explanation. thank you
a) Let X denotes the credit card debt of a randomly selected consumer .
Here,
X ~ Normal(5700, 18502)
The probability that a randomly selected consumer will have a credit card debt of more than $5,000
b)