Calculate the average account balance, Basic Statistics

Assignment Help:

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?

 


Related Discussions:- Calculate the average account balance

Closing Stock , How to calculate closing stock in Tally while we are postin...

How to calculate closing stock in Tally while we are posting with inventory.

Comb & proportions type will appear in f & f2, In fowl,the genotype rrpp gi...

In fowl,the genotype rrpp gives single comb, R_P_ walnut comb, rrP_ pea comb, and R_pp rose comb. a. What comb type will appear and in what proportions in F and F2 if single- co

Construct a stem-and-leaf diagram, An internal report issued by the marketi...

An internal report issued by the marketing manager of a oil-change franchise claims that the mean number of miles between oil changes is for franchise customers is at least 3600 mi

Sta, explain two charateristics.and two aapplication ofics statist

explain two charateristics.and two aapplication ofics statist

Anova, How to interpret Anova

How to interpret Anova

What is Nuclear holocaust, Nuclear holocaust It is the name given to large...

Nuclear holocaust It is the name given to large scale destruction and devastation that would be caused by the use of nuclear weapon. The radioactive waste will hang like a cloud i

Calculate the expected ratio, 1. Cross BBGG X bbgg. Assume B and G are l...

1. Cross BBGG X bbgg. Assume B and G are linked together on an autosome. Show F2 and give expected results. 2. Cross BBGG x bbgg. Assume B and G are not linked. Show F2 an

Calculate the probability of bmi, A file on DocDepot in the assignments fol...

A file on DocDepot in the assignments folder on doc-depot called bmi.mtp contains data on the Body Mass Index (BMI) of a population of Ottawa residents. The first column identifies

Calculate a forecast using exponential smoothing, The Midwestern Manufactur...

The Midwestern Manufacturing Company (MMC) is a large manufacturer of electrical generators.  The firm has experienced demand for their generators as shown below: Year  Demand

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd