A bank auditor claims that credit card balances are normally distributed with mean $3000 and standard...
A bank auditor claims that credit card balances are normally distributed with mean $3000 and standard deviation $500. Suppose the auditor randomly select two card holders What is the probability both of them have card balances more than 2500?
Homework Answers
Mean = $3000
Standard Deviation = $500
z= (x-Mean)/ standard deviation
= (2500-3000)/500 = -1
From the z table, for z=-1, P(z<=-1) = 0.1587
P(Z>-1) = 1-0.1587 = 0.8413
For the two card holders, Probability = 0.8413*0.8413
= 0.708
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