Question
The mean amount of gasoline and services charged by Key refining Company credit customers is $70 per month.The distribution of amounts spent is approximately normal
The mean amount of gasoline and services charged by Key refining Company credit customers is $70 per month.The distribution of amounts spent is approximately normal with a standard deviation of $10.
a)Compute the probability of selecting a credit card customer at random and finding the customer charged between $70 and $83 last month?
b)What is the probability that a particular customer charges less than $45?
c)If Key Refining decided to send a special financing plan to charge account customers having the highest 10% of the money charges. What is the dividing point between the customers who receive the special plan and those who do not?
Provide explanation please
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