Forty-four percent of consumers with credit cards carry balances from month to month (bankrate.com, February 20, 2007).
Question:
Four consumers with credit cards are randomly selected.
a. What is the probability that all consumers carry a credit card balance?
b. What is the probability that fewer than two consumers carry a credit card balance?
c. Calculate the expected value, the variance, and the standard deviation of this binomial distribution.
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a P X 4 4 40 044 4 056 0 00375 b P X 2 P ...View the full answer
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Related Book For
Essentials Of Business Statistics Communicating With Numbers
ISBN: 9780078020544
1st Edition
Authors: Sanjiv Jaggia, Alison Kelly
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