U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The...

Transcribed Image Text:

U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The amount spent annually on a debit card is $7,070. Assume that the amount spent on a debit card is normally distributed with a standard deviation of $500. [You may find it useful to reference the z table.] a. A consumer advocate comments that the majority of consumers spend over $8,000 on a debit card. Find a flaw in this statement. (Round your final answer to 4 decimal places.) The proportion of consumers who spend over $8,000 b. Compute the 25th percentile of the amount spent on a debit card. (Round your final answer to 2 decimal places.) 25th percentile c. Compute the 75th percentile of the amount spent on a debit card. (Round your final answer to 2 decimal places.) 75th percentile U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The amount spent annually on a debit card is $7,070. Assume that the amount spent on a debit card is normally distributed with a standard deviation of $500. [You may find it useful to reference the z table.] a. A consumer advocate comments that the majority of consumers spend over $8,000 on a debit card. Find a flaw in this statement. (Round your final answer to 4 decimal places.) The proportion of consumers who spend over $8,000 b. Compute the 25th percentile of the amount spent on a debit card. (Round your final answer to 2 decimal places.) 25th percentile c. Compute the 75th percentile of the amount spent on a debit card. (Round your final answer to 2 decimal places.) 75th percentile