Economic Forecasts One method of arrivingat economic
Chapter 6, Problem 27(choose chapter or problem)
Economic Forecasts One method of arrivingat economic forecasts is to use a consensus approach.A forecast is obtained from each of a large number ofanalysts, and the average of these individual forecastsis the consensus forecast. Suppose the individual 2013January prime interest rate forecasts of economic analystsare approximately normally distributed with themean equal to 4.75% and a standard deviation equal to0.2%. If a single analyst is randomly selected fromamong this group, what is the probability that theanalysts forecast of the prime rate will take on thesevalues?a. Exceed 4.25%b. Be less than 4.375%
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