Question

Question 2

The credit card payment, PaymentAmt, made last month by 100 credit card holders was obtained and processed using MINITAB. Some preliminary results are shown in Exhibit 2 below:

Exhibit 2

Variable            N        Mean      Median         StDev     SE Mean

Payment Amt       100      163.76       158.5        65.59       6.56

Assuming that the distribution is normal, estimate the highest credit card payment made by the first 75% of these 100 credit card holders.

Answer 1

2)

Let X denote the payment amount made by credit card holders. Then,

We want to find 'a' such that

which is the required payment amount.