Question

1. 60% of a department stores customers have a credit card from that department store, and 30% of a store’s customers make at least 1 purchase per month on average. Finally, 80% of the customers who make at least 1 purchase per month have a store’s credit card. Of the customers who do not make at least 1 purchase per month, what is the probability a randomly chosen customer has a store’s credit card? (please round your answer to 4 decimal places)

2. The time between customers entering a store is exponentially distributed with a mean of 14 minutes. If one customer just entered the store what is the probability that it will be at least 16 minutes before another customer enters the store?

Answer #1

1)

Answer)

Lets say we have a sample size of 100.

60% of a department stores customers have a credit card from that department store = 60% of 100 = 60.

30% of a store’s customers make at least 1 purchase per month on average = 30.

80% of the customers who make at least 1 purchase per month have a store’s credit card = 80% of 30 = 24.

Probability = favorable/total

Total = who do not purchase at least 1 = 100 - 30 = 70

Favorable = have credit card = 60 - 24 = 36.

Probability = 36/70 = 0.51428571428 = 0.5143

Some customers of a retail chain have a store credit card that
earns them bonus gifts when they make purchases at the chain.
Currently, 22 customers are shopping in a store in this chain. Of
these, half already have a store credit card. If employees offer
store credit cards to 5 of these, what is the probability that all
of those chosen already have a card?
(b) A family of 5 is shopping in the store. Noting that
Subscript n...

The number of customers who make a purchase using a credit card
at H&M has the following distribution where X = number of
customers who use a credit card to make a purchase
X
0
1
2
3
4
p(X)
0.03
0.17
0.37
0.33
0.10
(It may be helpful to copy the numbers into Excel for faster
calculations)
(Round all answers to two decimal places)
a) What is the probability that at least one but no more than
three customers...

A major department store chain is interested in estimating the
average amount its credit card customers spent on their first visit
to the chain's new store in the mall. Fifteen credit card accounts
were randomly sampled and analyzed with the following results:
x = $50.50 and s2 = 400. A 95%
confidence interval for the average amount the credit card
customers spent on their first visit to the chain's new store in
the mall is:
a. $50.50 ± $10.12
b....

A major department store chain is interested in estimating the
average amount its credit card customers spent on their first visit
to the chain's new store in the mall. Fifteen credit card accounts
were randomly sampled and analyzed with the following results: =
$70.50 and s 2 = 900. Construct a 90%
confidence interval for the mean.

1. Suppose the expected number of customers entering a
department store between 9 AM and 10 AM is 60.
a. What is the probability that exactly 1 customer enters
between 9:00 and 9:01 ?
b. What is the probability that exactly 2 customers enter
between 9:00 and 9:02 ?
c. What is the probability that exactly 2 customers enter
between 9:00 and 9:01 GIVEN THAT exactly two customers enter
between 9:00 and 9:02?

4. Before the Christmas rush began, a department store noted
that the percentages were the same for their customers who used the
store’s credit card, a major credit card, and those people who paid
cash (each was .333). In a sample of 150 people shopping during the
Christmas rush, 46 used the store’s credit card, 43 used a major
credit card, and 61 paid cash.
Test to see if the methods of payment have changed during the
Christmas rush. Use...

Thirty percent (30%) of all customers who enter a store will
make a purchase. Suppose that 6 customers enter the store and that
these customers make independent purchase decisions. Let x be the
number of the 6 customers who will make a purchase.
Use the binomial formula to calculate
The probability that exactly 2 customers make a purchase.
The probability that 2 or fewer customers make a purchase.
The probability that at least 1 customer makes a purchase

A major department store chain is interested in estimating the
average amount its credit card customers spent on their first visit
to the chain’s new store in the mall. Twenty five credit card
accounts were randomly sampled and analyzed with the following
results: X = $85 and S = 28. Assuming the distribution of the
amount spent on their first visit is approximately normal, find and
interpret a 99% confidence interval for µ.
Please explain and show work.

Customers at a gas station pay with a credit card (A),
debit card (B), or cash (C). Assume that
successive customers make independent choices with
P(A) = 0.5, P(B) = 0.3,and
P(C) = 0.2.
(a) Among the next 100 customers, what are the mean and variance
of the number who pay with a debit card?
mean
customers
variance
customers2
Explain your reasoning.
Because we are interested in whether or not a debit card was
used, we can use the binomial...

1. why do credit card companies get to collect fees from both
the customer and the retailer ?
2. should cash customer be charged the same price as the credit
card customers when credit card customer cost the retailer more
?
3. who should bear the loss in the case of online credit card
fraud : the consumer, the retailer or the credit card issuer.?

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