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A study determined 35% of Millennials in America have no credit card debt. By assuming p...

A study determined 35% of Millennials in America have no credit card debt. By assuming p = .35 is a success (no debt), if a random sample of 50 millennials was selected, find the probability that 20 of them have no debt. Use the normal distribution as an approximation to solve this binomial problem. What is the approximate probability that between 15 and 30 will have no credit card debt? (Round to 2 places).

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Answer #1

a) By using the binomial distribution ,

b) Using the normal approximation :

Now ,

; From standard normal distribution table

Therefore , the approximate probability that between 15 and 30 will have no credit card debt is 0.77

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