Step 1 :Given that the random variable $X$ is normally distributed with mean $\mu=50$ and standard deviation $\sigma=7$, we are asked to compute the probability $P(X>38)$.
Step 2 :First, we need to standardize the value 38 to a z-score. The z-score is the number of standard deviations a particular value is from the mean. It is calculated using the formula: \(z = \frac{x - \mu}{\sigma}\).
Step 3 :Substituting the given values into the formula, we get: \(z = \frac{38 - 50}{7} = -1.7142857142857142\).
Step 4 :Next, we look up this z-score in a standard normal distribution table to find the probability. However, since the table usually gives the probability that a value is less than a certain value, we need to subtract the result from 1 to get the probability that the value is greater than 38.
Step 5 :Doing this, we find that the probability corresponding to the z-score is approximately 0.9567618672531671.
Step 6 :Finally, we round this probability to four decimal places to get the final answer: $P(X>38) = \boxed{0.9568}$.