Suppose Canadian home-owners owe an average of $197,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $89,000.

Standard Normal Distribution Table

a. Albertans are reported to owe $245,800 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $245,800?

Round to four decimal places if necessary

b. What is the probability of randomly selecting a Canadian with mortgage debt below $97,000?

Round to four decimal places if necessary

c. Determine the minimum mortgage debt owing by the 25% of Canadians with the largest mortgages.

Round to the nearest dollar