The average credit card debt carried by undergraduates is normally distributed, with a mean of $3173 and a standard deviation of $1120. A) What is the probability that a randomly selected undergraduate, who is a credit card holder, has a credit card balance less than $2700? B) You randomly select 25 undergraduates who are credit card holders. What is the probability that their mean credit card balance is less than $2700? c) Compare the probabilities from (a) and (b).

The average credit card debt carried by undergraduates is normally distributed, with a mean of $3173 and a standard deviation of $1120. A) What is the probability that a randomly selected undergraduate, who is a credit card holder, has a credit card balance less than $2700? B) You randomly select 25 undergraduates who are credit card holders. What is the probability that their mean credit card balance is less than $2700? c) Compare the probabilities from (a) and (b).

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

6.6) The average credit card debt carried by undergraduates is normally distributed, with a mean of $3173 and a standard deviation of $1120.

A) What is the probability that a randomly selected undergraduate, who is a credit card holder, has a credit card balance less than $2700?

B) You randomly select 25 undergraduates who are credit card holders. What is the probability that their mean credit card balance is less than $2700?

c) Compare the probabilities from (a) and (b).

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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