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 28 dollars and a standard deviation of 6 dollars. A. What proportion of the bank's Visa cardholders pay more than 30 dollars in interest? Proportion = B. What proportion of the bank's Visa cardholders pay more than 38 dollars in interest? Proportion = C. What proportion of the bank's Visa cardholders pay less than 16 dollars in interest? Proportion =

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 28 dollars and a standard deviation of 6 dollars. A. What proportion of the bank's Visa cardholders pay more than 30 dollars in interest? Proportion = B. What proportion of the bank's Visa cardholders pay more than 38 dollars in interest? Proportion = C. What proportion of the bank's Visa cardholders pay less than 16 dollars in interest? Proportion =

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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Question

A. What proportion of the bank's Visa cardholders pay more than 30 dollars in interest?

Proportion =

B. What proportion of the bank's Visa cardholders pay more than 38 dollars in interest?

Proportion =

C. What proportion of the bank's Visa cardholders pay less than 16 dollars in interest?

Proportion =

D. What interest payment is exceeded by only 21% of the bank's Visa cardholders?

Interest Payment =

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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