1.The amounts of money requested on home loan applications at a particular bank follow the normal distribution, with a meanof $80,000 and a standard deviationof $24,000. A loan application is received during the day.
a. Find the probabilitythat the amount requested amount is $90,000 or more?
b. Find the probability that the amount requested is between $75,000 and $90,000?
c. How much is requested on the largest three percent of loans?
d. How much is requested on the smallest ten percent of the loans?
Note: Use a 0.05 level of significance where needed.
This solution is comprised of detailed step-by-step calculations and analysis of the given problems related to Normal Distribution and Z-Score and provides students with a clear perspective of the underlying concepts.