For the normal distribution described in given Exercise, what first-mortgage amount would have been exceeded by only 5% of the mortgage customers?
Exercise
In 2004, the average conventional first mortgage for new single-family homes was $294,000. Assuming a normal distribution and a standard deviation of σ = $30,000, what proportion of the mortgages were
a. more than $294,000?
b. between $234,000 and $354,000?
c. between $264,000 and $324,000?
d. more than $204,000?