Generation Y has been defined as those individuals who were born between 1981 and 1991. A recent
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Generation Y has been defined as those individuals who were born between 1981 and 1991. A recent survey by the National Foundation for Credit Counseling found that 58% of the young adults in Generation Y pay their monthly bills on time. Suppose we take a random sample of 200 people from Generation Y.
a. Calculate the standard error of the proportion.
b. What is the probability that 125 or fewer will pay their monthly bills on time?
c. What is the probability that 100 or fewer will pay their monthly bills on time?
d. What is the probability that 120 or more will pay their monthly bills on time?
e. What is the probability that between 112 and 122 of them will pay their monthly bills on time?
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