Suppose Canadian home-owners owe an average of $200,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $92,000.

Suppose Canadian home-owners owe an average of $200,000 on their mortgages. Assume that mortgage debt is normally distributed in Canada with a standard deviation of $92,000.
a. Albertans are reported to owe $248,400 in mortgage debt, much higher than the Canadian average. What is the probability of randomly selecting a Canadian with mortgage debt that exceeds $248,400?
Round to four decimal places if necessary
b. What is the probability of randomly selecting a Canadian with mortgage debt below $97,000?
Round to four decimal places if necessary
c. Determine the minimum mortgage debt owing by the 29% of Canadians with the largest mortgages.
Round to the nearest dollar

Solution:

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