A department store has its own store credit card, where the monthly balance of customer's credit is
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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 of $476 and a standard deviation of $120.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 $400 owing on their store credit card?[2 marks]
b) You are now told that a sample of size 25 is taken.What is the probability that this sample has an average less than $400 owing on their store credit card?[3 marks]
Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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