Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A recent consumer behavior survey reports that 75% of all purchases at a supermarket in Launceston are made with a credit card. Let X be
A recent consumer behavior survey reports that 75% of all purchases at a supermarket in Launceston are made with a credit card. Let X be the number among 20 randomly selected purchases made with a credit card.
a)Determine the probability that 15 purchases are made with a credit card, e.g. find P(X=15).
[7 marks]
b)Determine the probability that at least half of the purchases are made with a credit card, e.g. find P(X10).
[7 marks]
c)Determine the mean and variance of the purchases made with a credit card. Discuss your results.
[2+2+2=6 marks]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started