A bank loan officer rates applicates for credit. The rating are normally distributed with a mean of 200 and a standard deviation of 50. Find the P60, the score which separates the lower 60% from the top 40%.
I get 212.7, using the normal distribution tool at http://psych.colorado.edu/~mcclella/java/normal/accurateNormal.html
Enter the mean and the std dev. and a "start" value of 0. Then try different "end" values like 210 and hit "enter" and see what the probability is for being in that range. Keep chaning the "end" value until you get a probability of 0.600
Those are pretty low credit scores! No wonder the banks are in trouble!
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