One method of arriving at economic forecasts is to use a consensus approach. A forecast
Chapter 4, Problem 4.72(choose chapter or problem)
One method of arriving at economic forecasts is to use a consensus approach. A forecast is obtained from each of a large number of analysts; the average of these individual forecasts is the consensus forecast. Suppose that the individual 1996 January prime interestrate forecasts of all economic analysts are approximately normally distributed with mean 7% and standard deviation 2.6%. If a single analyst is randomly selected from among this group, what is the probability that the analysts forecast of the prime interest rate will a exceed 11%? b be less than 9%?
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