Assume the credit card balances of younger college educated employed persons are normally distributed with a mean of $ 6,358 and a standard deviation of $1,907 – assume these are population values. 2. Now you randomly select 81 credit card holders. What is the probability that their mean credit card balance is less than $5750? Use the standard normal table for this, but this time use the population mean and standard error (standard deviation/SQRT(81)). Use 4 significant decimal places for your answer, and use the proper rules of rounding. I am looking for just the answer, not the equation.
Using central limit theorem,
P( < x) =
P( Z < x -
/
/ sqrt(n)
)
So,
P( < 5750)
= P (Z < 5750 - 6358 / ( 1907 / sqrt(81) ) )
= P( Z < -2.8694)
= 0.0021 (from Z table )
Assume the credit card balances of younger college educated employed persons are normally distributed with a...
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