Question

(1 point) Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 25 dollars and a standard deviation of 9 dollars. A. What proportion of the bank's Visa cardholders pay more than 27 dollars in interest? Proportion = B. What proportion of the bank's Visa cardholders pay more than 34 dollars in interest? Proportion = C. What proportion of the bank's Visa cardholders pay less than 15 dollars in interest? Proportion = D. What interest payment is exceeded by only 20% of the bank's Visa cardholders? Interest Payment =

Answer 1

C Givena Mean Che? = 25 80(0) = 9 (4). p(x291) = P(Xoy > 24:35) = P(Z > 0.22) p(z < 0.22) Cl- 0.5870644 = 0.4129 (rounded to 4 decimals)

(6) 2 P(x>34) = politie > 34-25) p (z > 1.00) el-p (ZC 1.00) EI - 0.8413447 = 0.1587 (rounded to 4 decimals) (C). P(x< 15) = P(x = p (Halle 15-25) ۹ =p(22-1:11) P - 0.1334995 = 0.1335 (rounded to 4 decimals)

(D). 3 P(Z >z) - 20:16 -0.20 |- P(Zez) - 0.20 P(Zez) = 0.80 By using I alpha table P(Z < 0.842) = 0.80 z = 0.842 We know that, X-M X-25 za 0.842 - N o 9 3 x = 0.842(9) +25 = 32.578 X = 32.58 (rounded to 2 decimals)

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