Work out the probability of selecting a credit card

Reference no: EM1316497

Find Probability values for the normal distribution.

The mean amount of gasoline and services charged by Key Refining Company credit customers is $70 per month. The distribution of amounts spent is around normal with a standard deviation of $10.

[a] work out the probability of selecting a credit card customer at random and finding the customer charged between $70 and $83 last month.

[b] Calculate the probability of customers charging between $57 and $83 per month.

[c] Key Refining decided to send a special financing plan to charge account customers having the highest 10 percent of the money charges. What is the dividing point between customers who receive the special plan and those who do not?

Reference no: EM1316497

Questions Cloud

Risk as well as return computation using capital asset : Risk as well as return computation using capital asset pricing model and If the market risk premium is 8%, the risk-free rate of return is

A normal population has a mean of 80.0 : Calculate the probability of a value between 75.0 and 90.Calculate the probability of a value of 75.0 and less.

Calculating the average rate of change : Calculate the average rate of change.

Why can not we just do several two sample tests : Why can not we just do several two sample tests like we did in the last week. In your own words explain briefly also tell us what these are and what did it mean.

Work out the probability of selecting a credit card : Key Refining decided to send a special financing plan to charge account customers having the highest 10 percent of the money charges. What is the dividing point between customers who receive the special plan and those who do not.

Homogeneity of variance assumption test : How do we decide if the homogeneity of variance assumption is significantly violated?

Computation of expected return based on capital asset : Computation of expected return based on capital asset pricing model and while Black Company stock has a beta of 1.0 and a required return of 12%

Determine the mean and standard deviation : A group of students collected data at the Cedar Point amusement park and reported that the "wait time" to ride the "Top Thrill Dragster" roller coaster is consistently distributed within a range of 40 minutes to 90 minutes.

Effect size for one sample t-test : Some of the factors affect statistical power for a one sample t test. How does statistical power change (increase or decrease) for each of the following changes?

User Account

All Pages