Mathematics, 11.04.2020 17:37 carlinryan

A set of magical wand prices are normally distributed with a mean of 50 dollars and a standard deviation of 4 dollars. A blackthor wand has a price of 45.20 dollars. What proportion of wand prices are lower than the price of the blackthorn wand? You may round your answer to four decimal places.

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Answer from: seanjung1128

The proporion of wand prices lower then the blackthron wand is 0.1151

Step-by-step explanation:

Normal Distribution

Also known as the Bell Curve by its characteristic shape where most values are concentrated in the center of the curve and they are rapidly spread out through both tails.

The parameters needed to compute probabilities with the normal distribution are: the mean $\mu$ and the standard deviation $\sigma$ . The curve is often called as N( $\mu$ , $\sigma$ ).

The values of the probabilities are usually given in tables or computed by digital means like Excel or any online calculator. We'll use the Excel Normal Distribution formula

NORM.DIST(x,mean,standard_dev,cumulative)

This formula gives the left tail of the curve, i.e. P(x<X). The values provided in the problem are

$\mu = 50$

$\sigma=4$

X=45.20

The formula will be applied like this

NORM.DIST(45.20,50,4,TRUE)

It gives the value

P(x<45.20)=0.1151

The proporion of wand prices lower then the blackthron wand is 0.1151

Answer from: Quest

answer: the common difference is -0.10

Answer from: Quest

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.

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