The credit scores of 35-yoar-oids applying for a mortgage at Ulysses Mortgage As

Question

The credit scores of 35-yoar-oids applying for a mortgage at Ulysses Mortgage Associates are normally distributed with a moon of 610 and a standard deviation of 90. Find the credit score that defines the upper 10 percent. (Use Excel or Appendix C to calculate the z-value. Round your final answer to 2 decimal places.) Credit score 725.38 Sixty-five percent of the customers will have a credit score higher than what value? (Use Excel or Appendix C for calculation of x-value. Round your final answer to 2 decimal places.) Credit score 575.35 Within what range would the middle 70 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 ______

Explanation / Answer

from normal distribution z=(X-mean)/std deviation

a) for upper 10%, at 90 percentile z =1.2815

hence corresponding credit score =mean +z*std deviation =610+1.2815*90=725.34

b)for it , at 35 percentile z=-0.3853

hence corresponding value=610-0.3853*90=575.32

c)for midddle 70%, at 15 percentile and 85 percentile value of z =+/-1.0364

hence corresponding values =610+/- 1.0364*90= 516.72 to 703.28

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.