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28 July, 19:52

According to Student Monitor, a New Jersey research firm, the average cumulated college student loan debt for a graduating senior is $25,760. Assume that the standard deviation of such student loan debt is $5,684. Thirty percent of these graduating seniors owe more than what amount?

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  1. 28 July, 19:54
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    We are given with

    average cumulated loan = u = $25,760

    standard deviation = d = $5,684

    We are asked to determine the loan of 30% of the graduating seniors

    A z-score for 30% is - 0.50

    Solving for the amount of loan

    -0.5 = (x - 25760) / 5684

    x = $22918
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