For the most recent year available the mean annual cost to a

For the most recent year available, the mean annual cost to attend a private university in the United States was $20,082. Assume the distribution of annual costs follows the normal probability distribution and the standard deviation is $4,500.

Ninety-five percent of all students at private universities pay less than what amount?

Solution

P(X<x) = 0.95

So z = 1.65

So (x-20082)/4500 = 1.65

So x = 27,507

So Ninety-five percent of all students at private universities pay less than 27,500 dollars