Question
A department store has its own store credit card, where the monthly balance of customer's credit is found to be Normally distributed with a mean
A department store has its own store credit card, where the monthly balance of customer's credit is found to be Normally distributed with a mean of $476 and a standard deviation of $150.Assume the conditions are satisfied. SHOW BRIEF WORKINGS TO SUPPORT YOUR ANSWERS.
a) What is the probability that one randomly chosen customer has less than $450 owing on their store credit card?[2 marks]
b) You are now told that a sample of size 36 is taken.What is the probability that this sample has an average less than $450 owing on their store credit card?[3 marks]
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Fundamentals Of Matrix Analysis With Applications
Authors: Edward Barry Saff, Arthur David Snider
1st Edition
111895369X, 9781118953693
