Question

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 values which would account for the middle 56% of university students. You can check your answer using Excel; - Click on the Insert Function fx button on the toolbar - Select NORM.INV in the Select a Function box

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $5,300. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,533 and a standard deviation of $ 550. At α=0.05, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify H0 and Ha. What is(are) the critical...
The mean balance that college students owe on their credit card is $1096 with a standard...
The mean balance that college students owe on their credit card is $1096 with a standard deviation of $350. If all possible random samples of size 144 are taken from this population, determine the following: a) name of the Sampling Distribution b) mean and standard error of the sampling distribution of the mean (use the correct name and symbol for each) c) percent of sample means for a sample of 144 college students that is greater than $1200 d) probability...
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $5,000. You want to test this claim. You find that a random sample of 33 cardholders has a mean credit card balance of $5,232 and a standard deviation of $675. At alpha α= 0.01​ can you support the​ claim? Complete parts​ (a) through​ (e) below. Assume the population is normally distributed.​ (a) Write the claim mathematically and identify H0 and Ha. Which of the...
Scores for a common standardized college aptitude test are normally distributed with a mean of 510...
Scores for a common standardized college aptitude test are normally distributed with a mean of 510 and a standard deviation of 98. Randomly selected men are given a Test Preparation Course before taking this test. Assume, for sake of argument, that the preparation course has no effect. If 1 of the men is randomly selected, find the probability that his score is at least 588.4. P(X > 588.4) = If 9 of the men are randomly selected, find the probability...
Scores for a common standardized college aptitude test are normally distributed with a mean of 506...
Scores for a common standardized college aptitude test are normally distributed with a mean of 506 and a standard deviation of 102. Randomly selected men are given a Prepartion Course before taking this test. Assume, for sake of argument, that the Preparation Course has no effect on people's test scores. If 1 of the men is randomly selected, find the probability that his score is at least 544.2. P(X > 544.2) = Enter your answer as a number accurate to...
Scores for a common standardized college aptitude test are normally distributed with a mean of 484...
Scores for a common standardized college aptitude test are normally distributed with a mean of 484 and a standard deviation of 100. Randomly selected men are given a Prepartion Course before taking this test. Assume, for sake of argument, that the Preparation Course has no effect on people's test scores. If 1 of the men is randomly selected, find the probability that his score is at least 520.1. P(X > 520.1) = Enter your answer as a number accurate to...
1a) Assume the annual day care cost per child is normally distributed with a mean of...
1a) Assume the annual day care cost per child is normally distributed with a mean of $8000 and a standard deviation of $500. In a random sample of 120 families, how many of the families would we expect to pay more than $7295 annually for day care per child? P(x > 7295) = ____% The number of families that we expect pay more than $7295 is _____ 1b) A machine used to fill gallon-sized paint cans is regulated so that...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT