BSTAT 3321-An estimated 1.8 million students take on student

Subject: Mathematics / Statistics
Question
An estimated 1.8 million students take on student loans to pay ever-rising tuition and room and board (The New York Times, April 17, 2009). It is also known that the average cumulative debt of recent college graduates is about $22,100. Let the cumulative debt among recent college graduates be normally distributed with a standard deviation of $7,000. Approximately how many recent college graduates have accumulated a student loan of more than $30,000? Use Table 1. (Round “z-value” to 2 decimal places.)

Number of graduates

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