value 1.00 points Section Exercise 7-38 The credit scores of 35-year-olds applyi

Question

value 1.00 points Section Exercise 7-38 The credit scores of 35-year-olds applying for a mortgage at Ulysses Mortgage Associates are normally distributed with a mean of 580 and a standard deviation of 125. (a) Find the credit score that defines the upper 15 percent. (Use Excel or Appendix C to calculate the z value. Round your final answer to 2 decimal places.) Credit score (b) Fifty-five percent of the customers will have a credit score higher than what value? (Use Excel or Appendix C for calculation of z-value. Round your final answer to 2 decimal places.) Credit score (c) Within what range would the middle 60 percent of credit scores lie? (Use Excel or Appendix C for calculation of z-value. Round your final answer to 2 decimal places.) Range to References eBook& Resources Worksheet Difficulty: 2 Medium Section Exercise 7-38 Learning Objective: 07-05 Solve for z or x for a given normal probabilitv using tahlas nr

Explanation / Answer

(a) z- score for upper 15% is z = 1.0364

x = + z * = 580 + 1.0364 * 125 = 709.55

(b) z- score for upper 55% is z =-0.1257

x = + z * = 580 - 0.1257 * 125 = 576.86

(c) z- score for the middle 60% is z = ± 0.8416

x1 = + z1 * = 580 - 0.8416 * 125 = 474.80 and x2 = + z * = 580 + 0.8416 * 125 = 685.20

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