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

Probability, What is the probability 0.10 called?

What is the probability 0.10 called?

Employee portion of social security tax, Employee portion of Social Securit...

Employee portion of Social Security tax A key part of paycheck bookkeeping is the Public Protection tax (The Public Protection tax along with the Medical health insurance tax m

Characteristics of Statistics, 1. Mention the characteristics of Statistics...

1. Mention the characteristics of Statistics. Explain any two applications of Statistics.

Air wedge experiment , describe the air wedge experiment to determine the t...

describe the air wedge experiment to determine the thickness of a wire

International financial reporting standards-ifrs, IFRS: IFRS (Internationa...

IFRS: IFRS (International Financial Reporting Standards) is a set of accounting standards that were developed as global standard. The IFRS was developed by IASB (International Acc

SPSS EXERCISES, IF PUNDIT 2 IS CORRECT, FEMROLE WILL HAVE (CIRCLE ONE)

IF PUNDIT 2 IS CORRECT, FEMROLE WILL HAVE (CIRCLE ONE)

quality, HOW I CAN WORK UPON EWMA CHART

HOW I CAN WORK UPON EWMA CHARTS?

Business forecasting, Ask questionmethods of business forecasting #Minimum...

Ask questionmethods of business forecasting #Minimum 100 words accepted#

Confidence interval for a proportion, The quick method for a confidence int...

The quick method for a confidence interval for a proportion uses p ±1/√n as an approximation for a 95% confidence interval.  The margin of error in this case is slightly larger tha

Jovian moons more geologically active than rocky planet, Why are Jovian moo...

Why are Jovian moons more geologically active than small rocky planets? - Ices deform and melt at much lower temperatures than rock, allowing icy volcanism and tectonics at sur

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