
Explanation:
To find the probability that X lies outside the range between 12 and 61, we need to calculate the probability that X < 12 or X > 61.
For X = 12:
For X = 61:
Total probability = P(z < -2) + P(z > 1.5) = 0.0228 + 0.0668 = 0.0896
Converting to percentage: 0.0896 × 100% = 8.96%
Therefore, the probability that X lies outside the range between 12 and 61 is 8.96%.
Ultimate access to all questions.
No comments yet.
A quantitative analyst is building a model whose output depends on the value of a financial variable, X. The analyst assumes X is a random variable that follows a normal distribution with a mean of 40 and a standard deviation of 14. What is the probability that X lies outside the range between 12 and 61?
A
4.56%
B
6.18%
C
8.96%
D
18.15%