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Sagot :
Answer:
Approximately 256,140 recent college graduates have accumulated a student loan of more than $30,000.
Step-by-step explanation:
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean [tex]\mu[/tex] and standard deviation [tex]\sigma[/tex], the z-score of a measure X is given by:
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.
Average cumulative debt of recent college graduates is about $22,500, standard deviation of $7,000.
This means that [tex]\mu = 22500, \sigma = 7000[/tex]
Proportion more than 30000.
1 subtracted by the pvalue of Z when X = 30000. So
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
[tex]Z = \frac{30000 - 22500}{7000}[/tex]
[tex]Z = 1.07[/tex]
[tex]Z = 1.07[/tex] has a pvalue of 0.8577
1 - 0.8577 = 0.1423
Approximately how many recent college graduates have accumulated a student loan of more than $30,000?
0.1423 out of 1.8 million.
0.1423*1.8 = 0.25614 million = 256,140
Approximately 256,140 recent college graduates have accumulated a student loan of more than $30,000.
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