Question
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 28 dollars and a standard deviation of 8 dollars.
A. What proportion of the bank's Visa cardholders pay more than 30 dollars in interest?
B. What proportion of the bank's Visa cardholders pay more than 37 dollars in interest?
C. What proportion of the bank's Visa cardholders pay less than 18 dollars in interest?
D. What interest payment is exceeded by only 20% of the bank's Visa cardholders?
After 1 year the analysis was taken a second time. This had a mean of 30 dollars and a standard deviation of 6 dollars.
E. What proportion of the bank's Visa cardholders pay more than 32 dollars in interest?
F. What proportion of the bank's Visa cardholders pay more than 39 dollars in interest?
G.What proportion of the bank's Visa cardholders pay less than 20 dollars in interest?
H.What interest payment is exceeded by only 20% of the bank's Visa cardholders?
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