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

Role of accountant, What are the roles of accountant, let me know the caree...

What are the roles of accountant, let me know the career opportunity in accounting subject?

Index numbers, various types of index numbers constructed in india ????

various types of index numbers constructed in india ????

Compute spss and confidence interval , A researcher is interested in charac...

A researcher is interested in characteristics of HIV+ and HIV- adolescents interviewed 166 young adults about their experiences during adolescence. He wished to know, among other

Co-efficient of covariance., solution of problems based on coefficient of c...

solution of problems based on coefficient of covariance

Do you think the change towards ifrs is a good idea, Do you think the chang...

Do you think the change towards IFRS is a good idea? Manager 1: This change is definitely going to be a very positive change. There are no doubt a lot of advantages that IFRS

Describe the location of firms and equilibrium , Take the Hotelling's locat...

Take the Hotelling's location model (the linear city) discussed in class for the case in which all firms are required to charge the same fixed price. Further assume that firms choo

Current development project and presentation , review the financial disclos...

review the financial disclosures for two publicly traded companies. Identify recently promulgated (or proposed) accounting pronouncements that have an impact on the companies. In a

AMOUNT AVAILABLE IN DEBT SERVICE FUNDS , AMOUNT AVAILABLE IN DEBT SERVICE ...

AMOUNT AVAILABLE IN DEBT SERVICE FUNDS An "other debit" common journal value used in the General Long-Term Bills Additional Consideration that designates the quality of resources

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