To find the probability that the monthly mortgage paid by a randomly selected homeowner from this city is less than 1300, we will use the z-score formula and the standard normal distribution.
First, we need to calculate the z-score using the formula:
z = (x - μ) / σ
Where:
x = 1300 (the value we want to find the probability for)
μ = 2760 (mean monthly mortgage payment)
σ = 460 (standard deviation)
Plugging in the values:
z = (1300 - 2760) / 460
z = -1.8696 (rounded to 4 decimal places)
Now, we will use a standard normal distribution table or a calculator to find the corresponding probability for this z-score.
Looking up the z-score of -1.8696 in the standard normal distribution table, we find that the corresponding probability is 0.0307. Therefore, the probability that the monthly mortgage paid by a randomly selected homeowner from this city is less than 1300 is approximately 0.0307.
the average monthly mortgage payment for all homeowners in a city is 2760. suppose that the distribution of monthly mortgages paid by homeowners in this city follow an approximately normal distribution with a mean of 2760 and a standard deviation of 460. find to 4 decimal places that the probability that the monthly mortgage paid by a randomly selected homeowner from this city is less than 1300
1 answer
1 answer