a. predicit the probability a card holder who charged 31k does not have a credit card...
3) A credit card company wants to find out how much, on average, was charged by its card holders last month. The company took a random sample of 100 card holders. An analyst reports that in this study, the average amount charged by card holders in the sample was $1,500 per month. She also reports that based on the information in this study, a 95% confidence interval for the average amount charged by card holders was $1,300 to $1,700 per...
1. What does a credit card provide? In general, who provides credit cards?
Spending on credit cards decreases after the Christmas spending season (as measured by amount charged on a credit card in December). The accompanying data set contains the monthly credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below 囲Click the icon to view the monthly credit card charges A. All of the conditions are definitely satisfied B. The Randomization Condition is not satisfied. C. The Equal Spread Condition is not satisfied. D. The Nearly...
Question #1 - I spent $85.36 at Wegmans and charged it on my credit card. The card charges a commission of 45 cents plus 1 1/2%. How much does Wegmans get from my credit card company as payment? Question #2 - I have the choice of two credit cards: Bank A: 12% interest rate, $60 annual fee Bank B: 18% interest rate, no annual fee How much, at least, would I need to keep as an average balance to prefer...
A bank wonders whether omitting the annual credit card fee for customers who charge at least $18,000 in a year would increase the amount charged on its credit card. The bank makes this offer to a random sample of 50 of its existing customers. It then compares how much these customers charge this year with the amount that they charged last year. The sample mean increase is $500 and the sample standard deviation is $800. To determine whether there is...
A bank wonders whether omitting the annual credit card fee for customers who charge at least $4000 in a year would increase the amount charged on its credit card. The bank makes this offer to an SRS of 91 of its existing credit card customers. It then compares how much these customers charge this year with the amount that they charged last year. The mean increase is $385, and the standard deviation is $128. • Is there significant evidence at...
At a major credit card bark, the percentages of people who storically apply for the Silver, Gold and Platinum cards are 60% 30% and 10% respectively in a recent sample of to a promotion of 200 customers, 100 applied for Silver, 61 for Gold and 39 for Platinum Complete parts a through e below a) Compute the standardized residual for each type of card. Standardized Residual Silver card Gold card DOO Platinum card Round to three decimal places as needed.)...
PART B Case Study: Perfect Competition in the Credit Card Industry In 1997, over $700 billion purchases were charged on credit cards, and this total is increasing at a rate of over 10 percent a year. At first glance, the credit card market would seem to be a rather concentrated industry. Visa, MasterCard, and American Express are the most familiar names, and over 60 percent of all charges are made using one of these three cards. But on closer examination,...
At a major credit card bank, the percentages of people who historically apply for the Silver, Gold and Platinum cards are 60%, 30% and 10% respectively. In a recent sample of customers responding to a promotion, of 200 customers, 110 applied for Silver, 53 for Gold and 37 for Platinum. Complete parts a through c below. Select the cards that have particularly large standardized residuals. Select all that apply A. The platinum card B. The gold card □ C. The...
According to the report by the government-lending institution, college students who have credit cards have an average credit card balance of $1,086. A random sample of 60 college students was selected, and their average credit card debt was found to be $1,440. Assume the standard deviation for student credit card debt is $286. Using a = 0.10, complete parts a and b below. a. Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the...