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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.

Math   Statistics-And-Probability   
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Answer #1

Mean, = $2870

Standard deviation, = $900

Sample size, n = 25

For sampling distribution of mean, P( < A) = P(Z < (A - )/)

= = $2870

=

=

= 180

P(mean credit card balance is less than​ $2500) = P( < 2500)

= P(Z < (2500 - 2870)/180)

= P(Z < -2.06)

= 0.0197

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