Stephanie Wonders Whether College Textbooks Change in Price as Students

question 5

Multiple Choice

Stephanie wonders whether college textbooks change in price as students advance in their academic work.She finds some national data on college textbooks that indicates the average price of a text is $96 with a standard deviation of $31.She decides to collect the prices of 30 textbooks that are required for senior-level courses at her university.She finds the average cost to be $89.What is the percentile rank of Stephanie's collection of books? (Round z score to two decimal places.)

• A) 8.71
• B) 10.75
• C) 39.25
• D) 41.29

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Definitions:

Equity Of Redemption

The right of a mortgagor to reclaim property by paying off the full amount of the mortgage plus any accrued interest and costs before foreclosure.

Home Equity Loan

A line of credit made available to homeowners based on the value of the property over and above any existing mortgages.

Court Action

Legal proceedings initiated in a court of law where a plaintiff brings a lawsuit against a defendant.

Repossessed

The act of a lender taking back an object, typically a vehicle or property, from the borrower due to failure to make the agreed-upon payments.