Solution-Probability of selecting credit card holders

Probability of selecting credit card holders

Assignment Help Basic Statistics

Reference no: EM131689029

Question: Credit card companies are increasing their revenues by raising the late fees charged to their customers. According to a study by cardweb.com, late fees represent the third largest revenue source for card companies, after interest charges and payments from the merchants who accept their cards. In the preceding year, 58% of all credit card customers had had to pay late fees (R. Lieber, CreditCard Firms Collect Record Levels of Late Fees, The Wall Street Journal, May 21, 2002, p. D1). If a random sample of 20 credit card holders is selected, what is the probability that

a. 0 had to pay a late fee?

b. no more than 5 had to pay late fees?

c. more than 10 had to pay late fees?

d. What assumptions did you have to make to answer (a) through (c)?

Reference no: EM131689029

Questions Cloud

Traditional organizational setting with manager-employees : discussions in an Organizational Behavior class with a more traditional organizational setting with a manager and employees.

Marketing an important way to promote in business marketing : Why is relationship marketing an important way to promote in business marketing?

Discuss a strategy that involves dividing a mass market : Which of the following items should be included on a business buyer

Describe the kidnapping of colonists by native americans : Describe kidnapping of colonists by Native Americans, Jamestown's relationships with Native Americans and differences between indentured servants and slaves.

Probability of selecting credit card holders : Credit card companies are increasing their revenues by raising the late fees charged to their customers. According to a study by cardweb.com.

Prepare a letter of introduction to send to a distributor : Prepare a letter of introduction to send to a distributor within that country introducing yourself, your company, your product, your interest in working.

Challenges for network-telecommunications security : With BYOD (bring your own device) becoming increasingly popular, what are the issues and challenges for network/telecommunications security?

Discuss the startup cash required for a company : Which of the following statements most accurately reflects the relationship between the startup cash required for a company

Provide a description of a malware attack : Provide a description of a malware attack that affected your home or work assets. If you have never experienced a malware attack find someone.

User Account

All Pages

Probability of selecting credit card holders

Reference no: EM131689029

Reference no: EM131689029

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT