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Proportion of junk-grade bonds

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Suppose that percent of junk-grade bonds that are defaulted on each year is normally distributed with a mean of 10.5% and a standard deviation of 4% What is the probability that in a randomly chosen year, the proportion of junk-grade bonds that are defaulted on is less than 15.5%? (please round your answer to 4 decimal places)

Reference no: EM131954460

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