Credit card sales The National Association of Retailers reports that 62% of all purchases are now...

Credit card sales The National Association of Retailers reports that 62% of all purchases are now made by credit card; you think this is true at your store as well. On a typical day you make 20 sales.
a. Show that this situation can be modeled by a binomial distribution. For credit, you must discuss each of the criteria required for a binomial experiment.
b. Define the random variable ? in this scenario, using the context of the problem.
c. List all possible values of ? for this situation.
d. On one trial for this scenario, what does “success” mean? Explain using the words of
the problem.
e. What is the probability of success in this scenario?
f. What is the probability of failure in this scenario?

Expert Solution

orchestra answered 1 year ago

In a sample of credit card holders the mean monthly value of credit card purchases was...

In a sample of credit card holders the mean monthly value of credit card purchases was $ 298 and the sample variance was 53 ($ squared). Assume that the population distribution is normal. Answer the following, rounding your answers to two decimal places where appropriate. A.) Suppose the sample results were obtained from a random sample of 13 credit card holders. Find a 95% confidence interval for the mean monthly value of credit card purchases of all card holders. B.)...

Furniture Store Credit Card Disclosure Statement: On approved furniture store credit card purchases—based on your credit...

Furniture Store Credit Card Disclosure Statement: On approved furniture store credit card purchases—based on your credit worthiness, other terms may apply. $2,399 minimum purchase required for this offer. Other finance offers available with lower minimum payment requirements. The purchase amount is divided into equal monthly payments for the promotional period. An additional $37 will be added to the following month’s payment when payment is received after the due date. No finance charges for 24 months. 23.9% standard rate, APR. The...

The American Bankers Association reported that, in a sample of 125 consumer purchases in France, 62...

The American Bankers Association reported that, in a sample of 125 consumer purchases in France, 62 were made with cash, compared with 21 in a sample of 40 consumer purchases in the United States. Construct a 99 percent confidence interval for the difference in proportions. (Round your intermediate value and final answers to 4 decimal places.) The 99 percent confidence interval is from _____ to _____ .

Effect of credit card sales on financial statements

A6-5. Suppose you always use your credit card for purchases. Your credit card limit must then...

A6-5. Suppose you always use your credit card for purchases. Your credit card limit must then be thought of as part of your money holdings. A6-6. In the long run, an economy that is open to capital flows can have investment greater than national saving. A6-7. A central bank that targets inflation would conduct an expansionary monetary policy when faced with a recessionary gap. A6-8. If the policy response discussed in A6-7 is mistimed, it risks becoming pro-cyclical rather than...

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales...

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30. Nov. 25 Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3...

Based on past data, the sample mean of the credit card purchases at a large department...

Based on past data, the sample mean of the credit card purchases at a large department store is $45. Assuming sample size is 25 and the sample standard deviation is 9. a) What % of samples are likely to have between 25 and 35? ___________ b) Between what two values 95% of sample means fall? ___________ c) Below what value 98% of sample means fall? ___________ d) Above what value only5% of sample means fall?? ___________...

Recording credit card and debit card sales Restaurants do a large volume of business with credit and debit cards. Suppose Summer,

Question Recording credit card and debit card sales Restaurants do a large volume of business with credit and debit cards. Suppose Summer,Sand, and Castles Resort restaurant had these transactions on January 28, 2018: National Express credit card sales $ 10,800 Value Card debit card sales 10,000. Requirements1. Suppose Summer, Sand, and Castles Resort’s processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant.2. Suppose Summer, Sand, and Castles Resort’s processor charges...

ADC supermarket accepts three types of credit cards, Master card, Visa and Tembo card. The sales...

ADC supermarket accepts three types of credit cards, Master card, Visa and Tembo card. The sales manager is interested in finding out whether there is a difference in the mean amounts charged by customers on the three cards. A random sample of 18 credit cards purchases revealed these credit card amounts. At the level of 0.05, using ANOVA test can we conclude that, there is a difference in the mean amounts charged per purchase on the three cards? Would Tukey-Kramer...

Reports suggest that the average credit card debt for recent college graduates is $3000. FedLoan Servicing...

Reports suggest that the average credit card debt for recent college graduates is $3000. FedLoan Servicing believes the average debt of graduates is much less than this, so it conducts a study of 50 randomly selected graduates and finds that the average debt is $2975, and the population standard deviation is $1000. Let’s conduct the test based on a Type I error of α=0.05.

Question