corr lect BUSINESS STATISTICs n Winter 2018 value. 4.00 points The creait scores
ID: 3064075 • Letter: C
Question
corr lect BUSINESS STATISTICs n Winter 2018 value. 4.00 points The creait scores of 35-y ear-olds applying for a mortgage at Uliysses Mortgege Associates are normally (a) Find the credit score that defines the upper 5 percent. (Use Excel or Appendix C to calculate the z- value. Round your final answer to 2 decimal places.) Credit scone b) Seventy-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 (e) Wihthin what range would the middle 80 percent of credt scores lie? (Use Excel or Appendix C for calculation of z value. Round your final answer to 2 decimal places.) Range G20606Explanation / Answer
Ans:
mean=680
standard dveiation=105
a)P(Z>z)=0.05
z=normsinv(0.95)=1.64
credit score for upper 5%=680+1.64*105=852.20
*(without rounding off z value,answer will be 852.71)
b)P(Z>z)=0.75
z=normsinv(0.25)=-0.6745
crdit score for top 75%=680-0.6745*105=609.18
*(with rounding off z to -0.67,it will be 609.65)
c)z cutoff value for middle 80% are +/-1.28
lower limit=680-1.28*105=545.60
upper limit=680+1.28*105=814.40
*(without rounding off z value range will be 545.44, to 814.56)
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