MGSC 624 Statistical Methods-Section 01.docx - Statistical Methods-Section 01 Chapter 6 exercises 17 19 21 23 43 45 You may solve these problems

MGSC 624 Statistical Methods-Section 01.docx - Statistical...

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Statistical Methods-Section 01 Chapter 6, exercises: 17, 19, 21, 23, 43, 45 You may solve these problems manually, use Excel or any statistical software to complete these problems. The Excel commands are on pages 263-264 of the textbook. 17. For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015 (BusinessWeek, March 20, 2006). Assume the standard deviation is $3540 and that debt amounts are normally distributed. a. What is the probability that the debt for a borrower with good credit is more than $18,000? b. What is the probability that the debt for a borrower with good credit is less than $10,000? c. What is the probability that the debt for a borrower with good credit is between $12,000 and $18,000? d. What is the probability that the debt for a borrower with good credit is no more than $14,000? 19. In an article about the cost of health care, Money magazine reported that a visit to a hospital emergency room for something as simple as a sore throat has a mean cost of $328 (Money, January 2009). Assume that the cost for this type of hospital emergency room visit is normally distributed with a
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