Calculate the average account balance, Basic Statistics

In June 2009, the average Australian credit card account balance was $3,127, according to data extracted Assuming that these balances are approximately Normally distributed with a mean of $3,127 and a standard deviation of $1,500:

(a) Find the probability that an account balance is less than $2,000. Use a diagram!

Clearly indicate any properties of the Normal distribution that you are using to facilitate your calculation.

(b) One quarter of credit card accounts carry at least what balance? Use a diagram!

(c) Suppose that 100 credit card account balances are randomly selected. What is the probability that the average account balance in this sample is greater than $3,200? Use a diagram! What quantity must be approximately Normal for this calculation?

 

Posted Date: 2/25/2013 4:23:11 AM | Location : United States







Related Discussions:- Calculate the average account balance, Assignment Help, Ask Question on Calculate the average account balance, Get Answer, Expert's Help, Calculate the average account balance Discussions

Write discussion on Calculate the average account balance
Your posts are moderated
Related Questions
Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?

find the variance of least square estimator beta hat for general linear regression model

The unfortunately-named (and fictitious) town of Avalanche, Utah maintains a vibrant and growing ski industry.  As Director of Avalanche's search-and-rescue operations, you are alw

Assignment on objective of cost accounting briefly discuss.

SCENARIO It is proposed to construct a 3m diameter, 50m long tunnel, heading 0950, through the andesite lava flow at Maori Bay (Muriwai). As part of the preliminary investigati

difference between historigram and histogram

Hi I just want to know if you many be able to solve these three cases for intermediate accounting class! Thank you

What is the probability 0.10 called?

Use the data in the BWGHT.txt for this question. The variable descriptions are given in the file BWGHT_variables.txt. There are 1388 observations in this dataset. (a) Run the regre

Calculate the original price of the bond. Bonds were issued at $200,000 of x% ten-year term bond at an effective annual interest rate (market rate) of x%. The bonds pay interest se