What is the probability that a randomly selected Visa card issued by this bank has a balance between $1050 and $1420? Round your answer to three decimal places. P= Enter you answer in accordance to the item a) of the question statement b. What percentage of the Visa cards issued by this bank have a balance of $735 or more?
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated that the balances on all Visa credit cards issued by the Bank of Connecticut have a mean of $840 and a standard deviation of $260. Assume that the balances on all these Visa cards follow a
a. What is the probability that a randomly selected Visa card issued by this bank has a balance between $1050 and $1420?
Round your answer to three decimal places.
P= Enter you answer in accordance to the item a) of the question statement
b. What percentage of the Visa cards issued by this bank have a balance of $735 or more?
Round your answer to two decimal places.
P= Enter you answer in accordance to the item b) of the question statement %
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
