Question

The average credit card debt for college seniors is $3200. The data is normally distributed with...

The average credit card debt for college seniors is $3200. The data is normally distributed with standard deviation of $900. What is the probability a student will owe between $2500 and $4000? Round to the nearest ten-thousandths.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The average credit card debt for college seniors is $3,262. If the debt is normally distributed...
The average credit card debt for college seniors is $3,262. If the debt is normally distributed with a standard deviation of $1,100, find the probability that the mean debt of 16 seniors has more than $4,000 in debt.
it has been reported that the average credit card debt for college seniors is $3,262. the...
it has been reported that the average credit card debt for college seniors is $3,262. the student Senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2,995, And the population standard deviation is $1,100. a) is there enough evidence to support the claim at a= 0.05? b) find a 95? confidence interval for the true average...
Question 2 It has been reported that the average credit card debt for college seniors is...
Question 2 It has been reported that the average credit card debt for college seniors is $3262. The student council at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995, and the population standard deviation is $1100. With α = 0.05, is the student council correct? a. Write down the null and alternative hypotheses   [2 marks] b....
Credit card balances are normally​ distributed, with a mean of​ $2870 and a standard deviation of​...
Credit card balances are normally​ distributed, with a mean of​ $2870 and a standard deviation of​ $900. You randomly selected 25 credit card holders. What is the probability that their mean credit card balance is less than​ $2500? Put your work in the SHOW YOUR WORK.
According to a lending instistution, students graduating from college have an average credit card debt of...
According to a lending instistution, students graduating from college have an average credit card debt of $4,100. A sample of 50 graduating seniors was selected, and their average credit card debt was found to be $4,462. Assume the standard deviation for student credit card debt is $1,200. Using alpha= 0.10, complete a-c below. a. The z-test statistic is _____ b. The critical z score(s) is(are)_____ c. The p-value is_____
Credit card debt for university students is normally distributed with a mean of $3862 and a...
Credit card debt for university students is normally distributed with a mean of $3862 and a standard deviation of $1100. a) Find the percentage of university students owe less than $1250. b) Find the percentage of university students owe at least $5000. c) Based on the result from b. would you conclude that most (more than half of) students owe at least $5000? Explain. d) What percentage of university students owe between $3500 and $7000? e) Determine the range of...
1.) According to a lending​ institution, students graduating from college have an average credit card debt...
1.) According to a lending​ institution, students graduating from college have an average credit card debt of ​$4,200. A random sample of 40 graduating seniors was selected, and their average credit card debt was found to be ​$4,542. Assume the standard deviation for student credit card debt is $1,100. Using alphaαequals=0.01​, complete parts a through d below. a. what is the test statistic? b. what are the critical scores? c.fill in the blank: because the test statistic ___________________ _________ the...
The mean college loan debt for a 22 year old college graduate is approximately normally distributed...
The mean college loan debt for a 22 year old college graduate is approximately normally distributed with a mean college loan debt of $78645 and a standard deviation of $18045. (For parts a thru c) What is the probability that a 22 year old college graduate selected at random will have: a) A college loan debt less than $70000? b) A college loan debt greater that $96000? c) A college loan debt between $75000 and $95000? d) What would be...
18. The average loan debt for college seniors is $20,262. If the debt is normally distributed...
18. The average loan debt for college seniors is $20,262. If the debt is normally distributed with a standard deviation of $5100, find these probabilities: (3 points each) Find the probability that a randomly selected senior owes at least $21,000.   Find the probability that the mean debt from a sample of 20 seniors falls between $20,000 and $21,000. (3 points) The average weight of a package of rolled oats is supposed to be at least 18 ounces. A sample of...
A college professor at a particular college claims men have more credit card debt than do...
A college professor at a particular college claims men have more credit card debt than do college women. She collects data on a credit card debt from 38 randomly chosen college men and 38 randomly chosen college women. The results of her survey appear below. Men Women Difference Sample Size 38 38 38 Average 435 781 -346 Standard Deviation 1026 1489 1300 Is there sufficient evidence at the alpha = .10 level of significance to confirm the professor's claim? What...