Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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 $27 and a standard deviation of $7.
(a) What proportion of the bank’s Visa cardholders pay more than $30 in interest?
(b) What proportion of the bank’s Visa cardholders pay more than $40 in interest?
(c) What proportion of the bank’s Visa cardholders pay less than $15 interest?
(d) What interest payment is exceeded by only 20% of the bank’s Visa cardholders?

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orchestra answered 1 year ago

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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 30 dollars and a standard deviation of 9 dollars. A. What proportion of the bank's Visa cardholders pay more than 34 dollars in interest? B. What proportion of the bank's Visa...

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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 26 dollars and a standard deviation of 8 dollars. A. What proportion of the bank's Visa cardholders pay more than 29 dollars in interest? Proportion = B. What proportion of the...

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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 30 dollars and a standard deviation of 7 dollars. A. What proportion of the bank's Visa cardholders pay more than 33 dollars in interest? Proportion = B. What proportion of the...

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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 26 dollars and a standard deviation of 8 dollars. A. What proportion of the bank's Visa cardholders pay more than 28 dollars in interest? B. What proportion of the bank's Visa...

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Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

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