Question

In: Statistics and Probability

Student loans: The Institute for College Access and Success reported that 69% of college students in...

Student loans: The Institute for College Access and Success reported that 69% of college students in a recent year graduated with student loan debt. A random sample of 85 graduates is drawn. Use Cumulative Normal Distribution Table as needed. Round your answers to at least four decimal places if necessary.

a. Find the probability that less than 56% of the people in the sample were in debt.

b. Find the probability that between 60% and 75% of the people in the sample were in debt.

c. Find the probability that more than 79% of the people in the sample were in debt.

d. Would it be unusual if less than 65% of people in the sample were in debt?

Solutions

Expert Solution

Refer Cumulative Normal Distribution Table (Z-table) to find the probability.

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Refer Cumulative Normal Distribution Table (Z-table) to find the probability.

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Refer Cumulative Normal Distribution Table (Z-table) to find the probability.

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Refer Cumulative Normal Distribution Table (Z-table) to find the probability.

It be unusual if less than 65% of the people in the sample were in debt, since the probability is

orchestra answered 1 year ago

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