Question
Suppose Canadian home-owners owe an average of $184,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of
Suppose Canadian home-owners owe an average of $184,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $89,000.
a.Albertans are reported to owe $245,500 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $245,500?Round to four decimal places if necessary
b.What is the probability of randomly selecting a Canadian with mortgage debt below $90,000?Round to four decimal places if necessary
c.Determine the minimum mortgage debt owing by the 16% of Canadians with the largest mortgages.Round to the nearest dollar
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