



 
Hi MJ, My bank says that their rates are normally distributed with a mean of 7.5% and a standard deviation of 2.0%. What is the probability that I will receive a rate of less than 7%? Let X be the random variable that is the rate I receive. I want Pr[X < 0.07]. To use the standard normal tables I need to convert X to the standard normal variable using
Thus in my case
Since the standard normal distribution is symmetric around zero
My standard normal table gives me
and hence
Now try your problem,  


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